I have tried that (as well as a pot on a hot plate), and keep with the microwave for my needs. The only way I would recommend using a Fry Daddy is if you are doing BIG volumes of plastic (as in hundreds of the same color for selling purposes); it has to be largely full, otherwise it is more hassle than it's worth (IMO) dealing with the uneven heating, constant stirring for little batches, and slow re-melt times.
BTW - Welcome to the forum.