Answer to your questions:
1. "Meaning it stops running when the low speed indicator is on, or it remains running in high (or the same) speed regardless of the button you push? Does it turn off?"
You mean when the heat light comes on the control panel it does not go into low speed to heat/filter. The high speed does turn off. I have to turn it on/off using the control panel. It will go off or on if I push the button on the control panel. The dip switch is set to heat/filter only on low speed.
2. "You can get sensors, heaters, and and such from them direct, but the board may be proprietary. If it comes to a board, I would get a new balboa aftermarket system."
I tried to contact Balboa directly and there is no way to do it. Tried to find out which relay is the low speed relay. Called them and they do not talk to anyone. Tried to fill out two of their forms on there website and both came back as undeliverable. Also you cannot buy from them directly only thru distributors/spa stores/online vendors. Try it yourself. Every item I checked it states "Out of Stock" on their website.
3. "It could be a relay on the board. I rarely see them fail and not burn the solder joint on the back of the board, but it can happen. It could also be the circuit board itself."
Forget where I had seen this but someone posted that all he had to do was the replace the relay on a board he had and that fixed it with out buying a new board. Have a new board lined up to buy.
One other thing. When I plug in the spa and it goes thru the prime cycle on the control panel and the heat lamp comes on the control panel and then I hear a "click" from below. But it will not go into low speed to heat/filter.