I have no idea what this light outputs really as the info on amazon looks a bit bogus, especially spectrum. But 770umols/s is too much for seedlings. Dont know if other posters are taking in account 30 degree spread (versus 120 normally) which would make those 12 w exponentially more concentrated than a cob or similar. Id advice caution with seedling they are so easy burn/bleach.
Edit: did some maths but not a 100%: going from 120° spread to 30° is going to concentrate the intensity 16 times.
i cant find anywhere where it says it does 770umols, which would be too much for a seedling to begin with. The light has a suggested height of 1.7-5ft and a footprint of 2.5-9.9sq ft... those numbers right there should be enough to tell you not to trust the product. And yes, actual LED wattage pulled does have an effect on yield to an extend no matter how efficient they are. More watts more buds. Get yourself a standard grow light and make your life easier. I doubt anyone can advise you how high to put this light. Ill go out on a limb and say your probably the pro around here with that light.
Go get some CFLs or T5 lights and make your life easier.