Yes, the pump ran just fine.
I don't think the varistor got hot before adding the speed control. I feel pretty sure I'd have smelled it. I have not changed out the original varistor. I grabbed a brand new one to check with my DMM.
The speedcon wires are still disconnected, so the pump was at max. The LED was completely off. I'll double check for a broken wire. Flipping these components over a bunch of times is kind of hard on them-I am sooo glad you guys had me use terminal points. I was going to solder all the wires from one component to the other. That would have been a nightmare.
Thanks Alec for the cap fix-I'll chase some down. The 470uf from the OEM controller had barely any legs left so new ones will be better.
Thanks for your help Ronv, are you saying not to bother with your last test?