Thanks for all the tips.
Axman Anderson now puts electronic Aquastats on now. Part# L7224C-10004B. Cost is $128.48. I think the price is pretty good and am getting one ASAP.
Also, They said the marathon motor uses ball bearings and is not oilable.
I installed that electronic aquastat on my 1959 AA130, and I like it.
Got it on ebay for like $70-$80 bucks.
Seems it is still a 'mystery" as to how you had the high current draw in the first place??? Unless it was a fault inside the aquastat it's self, I'd be scared of maybe doing the same to the new one. OUCH
If I could not determine the cause, I'd be adding a in-line fuse to limit the current to a safe lower level to protect the new aquastat/investment. (I was typing this as *whistlenut* was posting above)