Thanks for confirming my diagnosis last week. It took a full 7 days but I got my new heater element from SpaDepot.

Connected it last night and everything is working properly. I was not able to measure any difference in Ohms across the "bad" element vs the "good" element. But, I did see a chip in the coating and one of the terminals definitely looked scorched.
One remaining question is regarding the gaskets (i.e. "O" rings) that came with the new element. I felt a little uneasy installing these because there is not much surface area to seat them, but it was the only thing I had. So far so good. The old gasket style were new to me. They appeared to be a hard thermoplastic mold around each terminal "flange"
covered with a flexible plastic top. The design definitely prevent anything from attacking the weld between the "flange" and the element.