Thanks for the help on the link. I considered those, but bought this instead to fix it with
I drilled a hole in the right spot, soldered on a extra lead wire for the led and now it works as it did before. Except now, the plate isn't hot where the huge resistor use to be.
If anyone has one of these old stirplates and the potentometer goes out, I can reccomend this product. There was a trim pot in the circuit that alows you to adjust the starting speed. My only complaint was that it operates a bit backward from the original potentometer. It turns clockwise, starts with full open and then you have to turn it all the way down.
I'll be happy to post some pictures of how I modified the circuit inside the speed control and how the thing is wired up. Of course, if you have to ask how to wire it, maybe you shouldn't attempt this. I'd rate this as a beginner electrical project.