There are only two ways to know.
1) Read the code the compiler generates for promoting ints to floats in your case.
2) Measure the performance of the code the compiler generates vs. other options.
To do the former, set the SDK to Device and the Active Architecture to arm, and choose Build > Show Assembly Code. Then read the compiler-generated code.
If you are smarter than a compiler then you can write your own assembly code and use it instead. Odds are you aren't.
If you are doing an operation many, many times, Instruments will do a good job at showing you how many processor samples it's taking. But Jim's point is valid, and you shouldn't dismiss it as unhelpful: in an operation involving math on floating-point numbers, compiler type promotion is the least of your worries. Chips are built to do that in two or three cycles, and compilers usually manage to make that happen. But the effects processing you're doing will probably take thousands of cycles. The promotion will be lost in the noise.