Disk Reliability Trade-Offs?

Here are a few suggestions :

1- place different orders to different retailers to be sure to have disks from several batches (you could even mix brands and models)
2- order one spare disk to replace a failing drive within minutes
3- take NAS models, less vibrations should improve their lifetime (and they are tested to run 24/7)
4- consider SSD, no mechanical part means less chances of failure I guess (haven't seen any real study on it though)
5- have several updated and tested backups. There are services like blackblaze or crashplan if you want to go cloud, otherwise have a NAS stored in a safe location a few kilometers away, disks copies in a bank safe...
6- avoid large volumes, they take more time to rebuild
7- consider raid 6
8- you of course want HCL drives

Yes if a disk runs faster and consume more electricity it will heat more. Saying that it would fail more often, I'm not sure of that. The only related thing I've seen is a google study that is quite dated...