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Seeking advice on 12V rail stability for a 400-Watt SFF home server project

Hey everyone! I hope you’re all having a productive week. I’ve been a long-time lurker on various hardware boards, but I finally decided to post because I’ve hit a bit of a technical crossroads with a current "basement project" of mine.
I’m currently in the process of repurposing an older, small-form-factor (SFF) chassis into a dedicated 24/7 home server and lightweight media transcoder. The goal is to keep it tucked away in the living room, so silence and efficiency are my top priorities. I’ve already picked out most of the components—an older but capable i5, a couple of high-capacity HDDs, and a basic NVMe boot drive. After doing the math on the total draw, my peak load should hover right around 260W to 280W.
Because the case is so cramped, I can’t use a standard ATX unit, so I’ve been looking into using a specialized 400-Watt power supply module. I’ve always been of the mindset that you don’t want to over-provision too much (to stay in that 50-80% efficiency "sweet spot"), so a 400-Watt unit seemed like the perfect choice on paper.
However, one specific point I’m worried about is the 12V rail stability on these smaller 400-Watt modules when they are under a sustained load. In my experience with cheaper units in the past, I’ve noticed that as you get closer to that 75% capacity mark, the voltage ripple can get a bit sketchy, and the fan curve often becomes incredibly aggressive. Since this is going to be an "always-on" machine, I really can't afford to have the fan whirring like a jet engine every time a Plex stream starts up.
I remember back in the day, during the "overkill" era of the mid-2000s, I would have just thrown a 1000W monster at every problem and called it a day. It’s funny how much my perspective has changed now that I'm the one paying the electric bill and trying to keep a quiet household! I’m much more interested in the "module" approach for clean cable management in tight spaces now.
Has anyone here had long-term experience with 400-Watt SFF power supplies in a server environment? I’m specifically wondering if that 120W-140W of headroom is typically enough to keep the unit running cool and silent, or if these smaller modules tend to run hot regardless of the load?
I’d love to hear your thoughts or any observations you've made with similar low-wattage builds!power supply module

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