After a few successful rolling boils from my Buffalo 40 litre boiler, it's now having problems...

When approaching boiling point, it cuts out and the indicator light turns red. After a while, the power returns for a few minutes before cutting out again.

Power cut & red light of death!
Now, I put this down to a little bit of scorched wort on the element causing it to overheat, tripping the boil-dry protection/thermal switch.
But, even with a sparkling clean element and plain old water in the boiler, I'm still having power failure!
Time to get the screwdriver out...


Buffalo guts
On the underside of the element is a 120 degree thermal switch/thermostat that cuts the power when it reaches that temperature, then auto-resets itself when the element cools down.

Thermal p.i.t.a.
It's bolted onto the element, with a little thermal paste between surfaces (wiped off for this picture...)

Detached
So, questions:
Does the fault lie with the thermal switch..? Is it tripping before it should i.e. at a much lower temperature than 120 degrees? Or, is the element actually getting much hotter than it should for normal operation?
Should I replace the thermal switch (a few quid from China/Hong Kong Ebay dealers and a LONG wait...) and/or replace the element (£19.54 delivered from Nisbets.)
If, for instance, I leave the thermal switch detached (but obviously made safe with insulation tape, cable ties etc,) could the element run out of control and burn out in a dangerous fashion..?
Basically, I don't want it to go all Fukushima on me

Advice welcomed!
Cheers,
FB.