Weller Magnastat Autopsy and Repair

Immediately after soldering together my USB password thingy, my solder iron, the family heirloom Weller Magnastat stopped working. Some investigation showed that the base station was providing 24V AC voltage just fine, so I decided to unassemble the handpiece to see if something could be done. Here’s what I found:

It turned out my iron was salvageable; read on to learn a bit about the Magnastat and how I was able to repair mine.
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