I found a thermistor (Semtec 104GT-2 100K) which I bought as a spare for my J-Head hotend so I wired it up and taped it to the bottom of the hot bed and reconfigured Marlin.
Same issue, the temperature that Marlin reports is a lot lower than I get my hand held, infra-red thermometer.
One thought I had was that the thermistor is mounted on the bottom of the heat bed PCB but the heating element is on the top, perhaps the fibreglass is providing enough insulation to make a difference?
I have an unused reprap Mk2 heat bed PCB so I sat that on top of the Lava hotbed (not connected to anything)and after a few minutes, the infra-red thermometer was reporting the same as Marlin - within a few degrees.
If I put a sheet of glass on the heat bed, after 10 minutes the infra-red temperature is 10-15 degree lower than that reported by Marlin.
The easiest solution is probably to just put in the Mk2 but it doesn't have the nice blue LEDS
There's also the problem of sourcing some of the same style standoffs as used on the Lava bed.