We have ice cold well water that feeds our electric water heater and I would like to warm it up first .What are your thoughts?

A pre-heater for your water heater. You do have a few options.
1- you could install a small electric water heater in series with your regular heater. *OR**
2-for a passive system you could install a galvanized pressure tank in a warm location before you regular heater. Let me know what you decide and how you make out. Good luck, Tom

Seems like a lot of fuss for little return. How cold do you think your incoming water actually is, most frequently 55 deegrees even in the winter. Does your water heater heat the water to the correct temp now?