OK. I tracked down a few giant resistors and gave it a whirl. Fun fact, apparently our lab benches are painted with something that does not handle heat well.... Learned that the hard way.
Anyway, it turns out that if you set the current low and voltage high, it is current controlled. When you turn the current high and voltage lower, it is voltage regulated. It's just based on ohms law. So, I was able to test it up to around 3A, around 24V, and about 70 some odd watts. It seemed to work fine. I calibrated the current as best as I could without igniting our apparently flammable lab benches and now it's working!
I've also decided that for myriad reasons I don't need it and will probably sell it.
I haven't seen a $35 variable load. Do you have a link?
Thanks for the advice all, and I hope the documents I posted help others.