That's a beautiful little stove.   The combination oven indicator light and outlet is identical to the one on my mom's '49 Westinghouse range.

You can find replacement coiled nichrome on line (but you may have to buy way more than you need) if you're a purist and want to keep the original look, or you can pull out the existing bake element assembly and take it to an independent appliance parts retailer to have a replacement made if they offer that service (the appliance parts store by me does).  My mom's oven was on its second or third replacement element when her range was passed along to another member here in 2008.  The replacements are modern radiant tube elements that look very different from what you currently have in there.  The metal plate with the insulators will be eliminated.  Many Westinghouse ovens of this vintage that I've seen over the years have had this type of replacement element.  

Also, my mom was an avid baker and the oven's performance didn't change with the new style of element.

Hi Roberta,

That Monarch is another nice stove and I'm glad you are interested in keeping both it and the Westinghouse going. 

Here's the information for the appliance parts dealer near me (there is no web site, but there are Yelp reviews): 

Appliance Parts Company

1062 The Alameda

San Jose, CA  95126

(408) 294-9500

The owner's name is John, and back when my mom's oven element failed, I walked through the door to his shop with the element in my hand and from across the room he saw me and exclaimed "Westinghouse!"

Since that element had already been replaced with a modern type, it was easy for him to send it out and have the replacement made to the same specs.  With your element they'll likely have to measure your whole assembly and then fabricate the new radiant tube element to similar dimensions.  It's likely a standard size, but they can certainly customize if needed for no additional charge.  I can't recall exactly, but I think the total cost was around $40.

John is a really nice guy and he might even know of someone in your area who can arrange to have a new element made.  If not, I'm sure he'll be willing to work with you long distance.

If you want, I'm sure you could request that the original assembly be returned to you so if at some time in the future you wanted to replace the coiled nichrome in it, you could do so at your leisure, or it might even be possible that John could arrange to have that done instead of manufacturing a new element. 

Let us know how this all works out.

Ralph