All it took was less then $4.00 in parts from Radio Shack, and my Show-Vac was back in action. It cost me $1.69 for a thermal fuse, with a 129C limit/10amp rating, and $2.19 for a bag of mixed bullet electrical connectors. At first I thought about just hard wiring the fuse to the circuit. But if the fuse blew up once, more then likely it will blow up again. So I might as well make my life easier, and wire it up using bullet connectors. That way it will be easier for me to swap out the thermal fuse in the future.
This Shop-Vac almost turned into the proverb about “all for want of a nail“. But it helps that I have at least some technical knowledge to get me out of a jam. I would categorize this situation as only a small jam, hence only about an hour or two of time invested into this project, and now I’ve got my Shop-Vac back up and running.