So I am going to try and repair it as the only problem seems to be with the heat exchanger(Al structure fully melted and in a puddle in the bottom of the case) and somewhere in either a relay that controls the heating element or the temperature probe. My gut feeling is that the temperature probe is to blame and hopefully I can find a way to test it(perhaps with the oxy-acetylene torch from school). When checked with a multimeter the temperature probe gave a reading of between 0 and 3 ohms at room temp (about 30 degrees C) and a voltage reading of 0V(2000mV scale). If it were a thermistor I would expect the resistance to be somewhat higher and if it were a thermocouple I would expect a higher voltage(from a little reading on Wikipedia).
Just a quick picture to remind me which way to connect the temperature probe. It appears to be polarised which makes me think it's a thermocouple. If it is a thermocouple and a wire has broken from repeated heating/cooling cycles then that may explain the lack of voltage and the lack of voltage would explain the amount of heat applied to the heat exchanger when it overheated.