Those will work in a pinch. They are not the best since you have to rely on another thermometer to set them up, but they will work. Get two of them and use one on each tank. 40 gallon tanks are large and the variations one can see compared to another as far as draft and such can be drastic as far as regulating temps go, but not significant enough for you to know the difference.
As far as the rheostats go I would say you have a bad one or you are reading the all the way on and all the way off positions wrong if you can not get the temp below 100 degrees. Plug it into a lamp and see if you can vary the lamp from all the way off to all the way on!
Also for additional tips on setting up your tanks do a search on setting up aquariums. A lot of pointers exist that can correct issues you may not even think you have and most have low dollar alternatives if they themselves are not already.