Really helpful advice on here. Had same problem with overheat light coming on intermittently and shower running cold. Here's how I sorted it.
Isolate power at fuse board and switch.
Remove cover - 1 screw below and 2 at the top. Cover will easlily come off.
The thermal/tco unit sits on top of of the small tank. Very obvious.
Remove three connections. One to the left (brown). One to the right (brown) and lastly (because it holds the thermal unit/tco in place) remove the green connection to the front. I kept the wires and screws together by pinching with a bit of masking tape.
Lift the tco out (it simply sits on top). There was very obviously corrosion on top the tank below where the tco sits and corrosion at the sprung base of the tco. Carefully remove all corrosion back to bare metal and clean away debris (I used a clean dry ear bud).
Replace the tco and connect the green (holds it in place) and then both browns. Finally, replace the cover making sure no wires are trapped.
I always take a photo before starting the job. Now all good. If I can do it, anyone can.
Roy
July 2017