Here are your parts, includes a wiring diagram.
Replacement parts for MAYTAG PYE3300AYW Dryer - Ele | AppliancePartsPros.com

[COLOR="Blue"]#1. The thermostat. Obviously it's bad because well...it's TOAST! Burnt all to hell![/COLOR]
I am assuming that you are referring to the control thermostat on the blower (Item 14 in Section 5). This thermostat has an internal heater which is used to change temperatures so check that it is wired in correctly.

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#2. The Heating Element. It's probably still usable but I don't want to take the chance.[/COLOR]
Check the element with a meter
Unplug the unit and both wires at the heater.
Check the heating coil for continuity, should be 12 ohms approximately.
Then check from each coil connection to the frame/case, both should be infinite ohms (open). If not you have a grounded element (element has sagged and is touching the case). This can cause it to run and the thermostats cannot regulate it.
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#3. The High Limit Fuse. Not only was it fried & burnt out but it was COMPLETELY BYPASSED! The 2 wires that was supposed to be connected to the fuse was capped with a wire nut & taped off! My question is Why! Why would anybody want to bypass the fuse in the first place?[/COLOR]
Someone did not know what they were doing and did not care if their house burned down.

[COLOR="Blue"]This can't be good right?[/COLOR]
Right
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I'm still trying to figure out how this thing didn't catch on fire![/COLOR]
Just lucky.

[COLOR="Blue"]Is this dryer worth salvaging or should I scrap it before I sink 50-60 bucks for the parts?[/COLOR]
Cannot say that is a decision only you can make.
If you can get your money back I would ditch it.
If the unit is in good shape it may be worth fixing.
You will have to check the wiring in the unit from it's terminal strip all the way through. Since the goof shorted out components and left it like that then there is a possibility that they also messed with the wiring.
New connectors will have to be installed so you can replace the thermal fuse.
Note: The unit has a thermal fuse and a high limit thermostat. I would replace both (Item 5 in Section 4)

[COLOR="Blue"]Do you know if these kits come with a wiring diagram i don't want to replace all of these things just to have them blow out from wiring it in wrong.[/COLOR]
There is a wiring diagram in the parts breakdown.

I would recommend you get a meter before tackling this.

You can get a decent digital multimeter for under $20.00. You do not need fancy though it is nice if the leads are a couple feet long.
If it saves ordering one unnecessary part it has paid for itself and you end up owning a useful tool.
Most places will not let you return electrical parts so if you order it, you own it.
A couple things to watch when measuring ohms and continuity
1. Always remove power from the machine otherwise you could blow your meter.
2. Always disconnect at least one side of any device you are checking. This eliminates the possibility of measuring an alternate/parallel circuit path.
3. When checking for closed contacts and continuity use the lowest scale (Usually 200 ohms). Then try higher scales. This scale is 0 to 200 ohms so if the device you are measuring is 300 ohms this scale would show an open circuit which it is not, you are just measuring outside the scale's dynamic range.

There is a good STICKY at the start of this forum about it's use.

When you replace the connectors be sure to use ones rated for high current.

Also cut back the wire till you get to nice clean copper.
This should ensure a good connection. Any corrosion/pitting at a connection is a resistance which will heat up when current passes through it. This will further degrade the connection, raising the resistance hence raising the heat and so on and so on till the connection fails.