Dear Sir:

I have an electric dryer with no heat. I have changed out all the thermostats, heater element, thermal fuse. All have good conductivity the only part I have not replaced is the pad sensor. What is the purpose of the pad sensor and will it rectify my problem?

Here is the wiring diagram
http://www.servicematters.com/docs/wiring/Wiring%20Sheet%20-%203406659.pdf

I have changed out all the thermostats, heater element, thermal fuse.
Sounds like it is time to buy a meter as plug and chug is costing you a fortune.

All have good conductivity the only part I have not replaced is the pad sensor. What is the purpose of the pad sensor and will it rectify my problem?
I doubt it as this controls the timer. If the sensor detects moisture it holds the timer off.

Have you tried flipping the beaker off/on slowly a couple times. Sometimes you can loose half the line without actually tripping the breaker and the heater requires both sides.
Better yet measure it at the plug.
L1 to L2 should be 240 volts.
L1 to Neutral and L2 to Neutral both should be 120 volts.
If OK
Check the terminal strip to be sure a wire has not burned off

Unplug the unit
Set the unit to timed dry mid cycle.
Set the meter to it's lowest ohms scale re: 200
Place/tape one lead to L1. You can do this at the timer or on the line cord.
Then work your way through the heating circuit.
So the first measurement is to R on the timer, should be 0 ohms.
Then R at the thermal cutoff should be 0 ohms.
All should be 0 ohms till you get to the heater then the far side of the heater should give you 10 ohms approximately.

If all the above is OK you either have a burned out wire, a power problem or the centrifugal switch is not working.