One thing to consider with heat trace is if you don't have power you have no protection. (unless you tie the heat trace into an emergency power system.) Propylene glycol is considered none toxic by all accounts, although dumping issues may be regulated by your local authorities.
What KenRad brings up is a very important but often over looked point. Propylene glycol is going to reduce the specific heat of your cooling medium, thus affecting your cooling capacity. You may have to lower your chilled water setpoint or increase the chilled water flow to be able to make system load requirements. Lowering setpoints brings about it's own set of issues, because the heat transfer is not as good with glycol the approaches are going to suffer on the chilled water bundle. Depending on the setpoint you might experience low evap. pressure trips.
The solution I see having the most success with glycol is to increase the chilled water flow rate, if the pump is on a V.F.D. this may not be too hard, provided the motor can handle the increase in amps. If it's a standard starter you're looking at increasing the impeller size. Again motor amperage would need to be considered.
I'm not a real engineer, but I play one on T.V.
A.J. Gest, York Int./JCI