Here is the parts breakdown, just so it is handy.
Replacement parts for General Electric DPSR475EW0WW Electric dryer | AppliancePartsPros.com

I do not know if I can be of much help to you.
I cannot find a wiring diagram for this unit as GE likes to keep all tech info a secret. Below are a could examples of hoe GE likes to do things which may give you some idea of how it is wired though yours will be a newer type unit.
http://www.applianceaid.com/diagrams.html

I see that you have a circuit board and looking at Item 311 in section 2, this is probably the moisture sensor board for the moisture sensing bars on the preceding part. It should not effect your temperature what it does is stop the timer when the clothes are wet and advance the timer to off when the clothes are dry.

[COLOR="DarkRed"]1) Does this reading on the second thermostat mean its my culprit? I have read to check for continuity, but the circuit isn't open so not sure what this means.[/COLOR]
No. What this is a thermostat with an internal heater. 2 of the connectors are the contacts, the other 2 is the heater. They turn this heater on for low temperature cycles. It adds heat to the thermostat cauing it to cycle more often and resulting in a lower dryer temperature.
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2) In schematic for this dryer on this website, it looks like this should be part 506. However, in the parts list, I don't find a part 506 anywere. What should I order?[/COLOR]
There does seem to be some parts missing from the parts breakdown. You would have to contact the parts people at AppliancePartsPros to see if they have another listing for this unit.

There may be a problem with how you measured the resistances.

The heating coils are usually wired in parallel not series so each element should be measured separately.
Also when measuring any device always disconnect one side of it. This prevents you from reading an alternate/parallel circuit path.