I cannot find a wiring diagram for this unit but since you listed test points I am assuming that you have it.
The below is a bit of guessing.
Be sure when using ohms to unplug at least one side of any device you are measuring. This prevents reading an alternate/parallel circuit path

[COLOR="Blue"]It appears that the timer could be bad as I am not getting voltage between the red wire and the black wire at timer switch 2. Could the timer switch be bad?[/COLOR]
I doubt it. You would see the 240 across it if it was not closing.
You could check this using ohms. Unplug the unit and set it to timed dry mid scale and measure it, should be 0 ohms.
[COLOR="Blue"]
I check for a "closed" between WR and R on the timer switch. Per the schematics, it should be closed and all settings are open according to my meter.[/COLOR]
Not sure what points you are checking.

[COLOR="Blue"]Another question, when I measure the voltage across the heating element, the thermostats (R and RW), I assume that I should be reading 220VAC?[/COLOR]
Not sure about the (R and Rw) test points but yes there should be voltage across the heater/thermostats combo. It should be the full line voltage (240).

With the unit unplugged, set to mid scale timed dry, you could attach/tape one meter lead to the Black (L1) on the timer and then work youur way back through the heating circuit to find the open.

One side of the heater goes to the centrifugal switch on the motor. If you measure 240 volts from that side to L2 (usually Red) then odds are that the centrifugal switch is not closing for some reason re: the voltage is across the switch instead of across the water/thermostats.