bmxer, As Alex stated, you'll use just under 3' per splice if its 3/8. A little less if its 5/16.
Also keep in mind, that 100' of line is not all available for use. You loose between 3-5' just keeping the minimum number of wraps on the drum, depending on how many you like to keep on. Minimum suggestion is 7 with synthetic rope.
So say you want to drop down to 75' on the drum, and assuming you have the full 100' to work with, that leaves you a 25' section to turn into an extension. You are going to loose 5-6' of that 25' to create eyes in either end, leaving you a 19' extension.
How much extra pulling power are you willing to gain while having such a short extension? You could drop down to 50' on the drum and have a more useful extension, but consider this... with 100' on the drum you may only have to set your anchor point once. With only 50', you may need to re-set a pull because you couldn't clear the obstacle.
I think the power loss due to subsequent wraps on the drum is minute anyway. While it is there, generally as you increase the number of wraps, you are getting close to your anchor point and hopefully free from the obstacle.