Yes sounds like you have found it.

[COLOR="Blue"]I'm not used to working with 240v so I'm not sure what I'm supposed to see.[/COLOR]

240 is not really hard to understand.
Basically your unit has two 120 volt AC supplies when measured to Neutral.
The 2 supplies are 180 degrees out of phase. As an example when the L1 supply is at positive 120 volts, the L2 supply is at negative 120 volts. So when you measure from L1 to L2 you see 240 volts.

The reason they do this is because power/wattage is voltage times amperage.
So to get the same power out, if you double the voltage you can half the amperage. Since the amperage is half they can then use a much smaller gauge wire and this saves loads of dollars.

The heater circuit is not connected to Neutral and should only rely upon the 240 volt AC.
When you measure any where on the heater circuit using Neutral/ground, you will normally always see 120 volts but it really does not tell you much because you cannot tell which side of the line you are reading.

Hope I explained this OK and that you will find it useful.

Installed replacement timer today and the dryer is now working again 100%! Thank you very much Gene and denman for all of your help! This is a great site!