Decided to replace all parts within the main heating circuit, Element, High Temperature Cut Off, Thermal Fuse, and Thermostat. I know that only the high temperature cut-off was bad, but since the dryer is around 18 years old but in great shape, I decided to replace all while I had it apart.
Also spent more time then was necessary making sure all lint was removed from the fan assembly and the back of the dryer case and main exhaust tube. It was beneficial, especially in the fan area.
Reassembly of the new components actually only took around 20 minutes at most including start up and test.