Yes, the vtx draws @400mA direct from Li-Po and camera @300mA from 5v out from vtx. I have not measured them but collected the info off several web posts.
I assume the total draw max is @700mA.
You have read, you assume... Fine, but if things don't turn out right, it's not my fault.
In particular, the numbers might not add to 700mA. If the 5V is generated using a SMPS, the 300mA might only contribute to around 150mA from the 12V input. And I don't know if the 400mA draw from the LiPo includes the 150mA or not.
You're assuming that the regulator is linear and that the 400mA does not include the draw for the 5V.
At worst, your actual drain will be lower, your batteries larger, but your lifetime longer.
If you're happy with this, we can continue.
Yes, the 2s/3s is 2 cell at 7.4V and 3 cell at 11.1V.. and the battery capacity is 1000mAh.
Note that a three cell pack will contain 50% more energy than a 2 cell pack assuming they are built using the same cells.
Technically this will provide @1.5 hrs, but my main question is it more efficient to run with 7.4V or 11.1V.. also, I am curious if the vtx outputs stronger signal at 11.1V vs 7.4V? (not sure if this info is known other than by vendor?)
The best way to determine this is to measure the current draw at various voltages.
Once we know how current caries with voltage we can determine whether it is better to use a higher voltage pack or not.
If the regulators are linear (very unlikely) then the performance will be the same on both batteries. However things will get hotter using the higher voltage pack.
If the regulators are switchmode, the 3 cell pack will provide a higher voltage, therefore the current draw is less and the lifetime of the pack will be longer.