Dave: First, welcome to AK. To answer your question about Heil durability I would say that at the time this speaker was being made, mid 70s, the Heil diaphragm was still going through several design iterations to make it more reliable. speakers with voice coils will frequently make aberrant noises when being overdriven. So you know to back off. The Heil doesn't make noises before it fails. When the conductive strips heat up, the pleats will just melt together.
The early to mid 70s ESS Heil speakers were all fused. They changed to circuit breakers with the AMT 1A, AMT 1A Monitor and AMT 1a bookshelf. After this series, they dropped all protective devices. This might have been because they felt they had the diaphragm at an acceptable level of reliability or, more likely, they were cutting costs and just didn't provide protection any longer.
I believe the circuit breaker protects the whole system and not just the Heil. You can do your best to spray it with deoxit or just run a wire between the two terminals to bypass it. If you push the button from time to time, it may exercise it and clean the contacts, but this is just a theory on my part.
I have several ESS speakers in the collection with these breakers and am not having any perceived problems.
Since you are having things redone, you could also replace the diaphragms which is an easy task to do.
Would be curious to see any pics of your process.
This is a much later version of the Bookshelf purchased by special order from ESS in about 2000. Bextrene woofer, rear mounted 12 inch passive and no breaker or fuse.
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