For posterity's sake I thought I would just post the final result.
After installing the new element, I (carefully) checked for shockage and got nothing. The potential between the neutral and the chassis was at a whopping 78VAC, though. I still don't totally understand how that could be so high. I then installed a ground strap and all is functioning perfectly.
The arcing noise went away, which leads me to believe that my initial reaction that the arcing is normal when it adjusts it's temperature was correct. I believe that after sitting in the garage for a few weeks, it had just gotten a little dusty. I no longer hear the arcing on the stove elements.
Hope this helps someone. | 
