Success!!!
Many thanks again to Wiskybill (Bill) for finding and posting the link to a replacement heating element for the Neptune 7500. That's the kind of community spirit that makes web sites like this so great.
Just got through installing the new heating element. Installing it was the easy part. Getting the old element out was the hard part. I read in a service publication that the rubber on the old element could "take a set" over time. That's an understatement. I probably spent 10 minutes taking apart the front of the washer. That was easy, done it a lot before.
Immediately apparent was the source of the heat failure: a burnt out wire to one of the heater terminals. Why it burnt out, I don't know. But the wire was completely severed. Luckily it didn't contact any sheet metal in the process (that I could see), which could have wrought more damage.
But the old element was really stuck fast inside the oval opening in the outer tub. Wouldn't budge. Finally two channel lock pliers, and some judicious slicing of the rubber where I could safely get at it, finally freed the element from the outer tub.
I crimped on a new female spade connector onto the severed (and cleaned up) wire, covered it with heat shrink insulation, put it all back together. Made sure both power lines to the element had good solid connedtions (female spade connectors can lose their grip over time) Ran a long (34 minute) hot wash with no laundry... temp started out at 93F and after about 25 minutes made it all the way up to 116F. I purposely did not purge the hot water line because I wanted to make sure the heater would perform. Highest temp reached before the washer switched to bleach dispenser flush mode was 126F. Not bad, although purging the hot water line would certainly have got it to 130F.
As for the old element... I'll probably test continuity etc but I suspect it's some sort of toast. Will also test the thermistor that came with it. Providing I didn't mess anything up in the old element extraction, looks like the Neptune may have another 20 years to go.
(yay)