Is your control pack wired for 120V? From what I could find (not familiar with the Balboa) there's no temp control on the pack, just the topside. If you have power to the element, I would say it is bad. But the light on the topside not working is puzzling...how old is the topside? Maybe the light just went out?
When you checked the voltage at the heater, was the topside knob set to off or was it set to a heat position? If you had it set to heat, try to check voltage at the heater terminals with the knob set to off. If the voltage drops to zero, then I hate to say almost definitely the element is bad.
You can also disconnect the heater wires and check resistance across the heater terminals. Make sure the power to the control pack is off! Resistance should be 8-12 ohms, maybe up to 25 or so but not as common. If you get an open reading (open, OL, or 1), then the heater element is bad.
I'll do some research on the Balboa control packs and topsides, and see what else I can come up with. I'll do my best to help you get this figured out!