I agree with speedbump.
Right now, your pump has 0 protection from over heating in a dry well. At the very least, a pressure switch with a low limit interrupter should be installed on all well pumps. When the pressure drops to 20psi, the switch will say "something's wrong here, why aren't I building pressure?" And disengage itself until you manually come down and re-set it. So with the switch you have now, it's just gonna keep running that pump until it burns up, which is what you are facing now.
The pumptec is the more expensive but is much better at protecting your pump, since it reads the running load in your pump. If the load is too light, it will stop. There's also a timer to say it will try again automatically in 30,60,90 mins or whatever it's set at to give the well a chance to make water, and will stop once the pressure switch is satisfied.
If you go with a pumptec control, I would still change the switch to a low limit interrupter. You're gonna want to protect that new pump.