Hot Spring dealers have access to a program called Detechtive, which spits out possible causes for specific issues. In this case, low water temperature, but still heating. This is what it gave me:
SYMPTOM: ERRATIC WATER TEMPERATURE
An erratic water temperature condition exists when the spa's water temperature fluctuates more than two or three degrees without any adjustments to the spa's control thermostat.
Most Common Causes
Dirty or clogged filters
Low flow from the 24-hour circulation pump
Summer Mode Switch activated
Non-operative control thermostat
I put this in for a 1993 Grandee. It sounds routine, but simply check the top 3. If that's not the case, the last possible thing, according to detechtive, could be a failed control thermostat.