There is an old formula for bees that is reasonably accurate. Two frames of honey plus 1 frame of pollen equals 1 frame of bees. Finman's 30% efficiency is reasonable accurate.
Pollen is a much less concentrated form of protein than a bee's body. Most pollen has protein content between 15% and 30%. Some pollen such as maize is deficient in lysine, tryptophan, and methionine which means bees need other pollen sources to efficiently rear brood.
Follow the energy which is in the form C6H12O6 aka sugar and find that most of it is expended in heating the brood and in metabolizing pollen into digestible protein and then into bees.
So Derekm, one part of your position is based on conservation of energy, but with bees, nearly 100% of the honey they consume is converted to heat with a bit of surplus water.
As an aside, I bred a high methionine high lysine maize a few years ago. When fed to chickens, it increased egg laying by 10%. This is not significant except that it proves the commercial egg laying feed I give my chickens is deficient in protein and possibly starch.