No idea who installed it Pluckem. It's my understanding I'm about the 3rd or 4th owner of the house. I could try to dig around in the records I got from the others, but you know how that goes. Odds are probably slim I could find out. So, I don't know anything about how the foundation was insulated during installation of this system. I guess at this point I am looking into the following:
1. Would putting a floor sensor and a new thermostat help (detecting temp of the floor/slab vs. temp of the air)?
2. How well are my basement walls insulated (may have to cut out a piece of sheetrock to check)?
3. Continue to look into off-peak for now as a temporary cost saving until I could maybe afford a new more efficient gas boiler.
As far as insulation on basement walls.. you might be able to remove a trim piece around a window frame and see what they put in there. Or remove some outlet covers, or do you have access to floor truss area, might be able to get a peak there. However unless they just completely forgot to put in any insulation not sure it will matter. Financially would be pretty spendy to tear apart a finished basement to add more insulation.
As far as the insulation under the slab... Do you have a sump pump drain basin? you could maybe get lucky and see if its possible to remove the plastic basin and see what sort of insulation is under the slab.
Otherwise you would probably have to cut a hole into the slab in your mechanical room to confirm.
Might be worth a call to any install companies to discuss and see if they could do any troubleshooting or calculations to see if anything seems grossly off.