Dave, opened it up and here's the likely: sense switch is not seeing the iron when plugged into the station, so it disables it. I can't find a service manual or tech info on that model online. If you have it, it would help. The extra iron we have at hive is for another model (it has a 5 pin amphenol style connector, this is a 7 pin) There are some test points in the station...
All points on the iron have proper continuity and the element, though somewhat worn is not kaput. I'm not sure what R the sense wires are looking for. If another iron works we can replace the element and it'll probably work. If not, we'll know it's the station PSU / control. It's a simple circuit, but I don't feel like reverse engineering the circuit when there is probably a service manual somewhere that could get me through it in 20 minutes...
Do you have a spare iron for that model you could bring down and plug in? Then we'll know if we need to replace the element or look into the sense circuitry.