itsmoked makes a good point. Rectify the heater voltage and drive a transistor etc. with the 4-20 ma. If you drop the voltage to a level to just about 30% higher than is needed to maintain the temperature, it wouldn't be too bad. Tha bad I'm talking about is the controller will waste a LOT of heat.
You can feed a voltage from a 4-20 resistor drop and drive a SG3524 with it in proportional mode with only about a half dozen parts. Many times I've thought I could just use a transistor and a couple resistors for a simple control application. Almost always, the time it took tweeking and the crude control just wasn't worth it. There are chips for everything that do a great job. As a practical matter, if you have to ask this question, a circuit development projuct of this sort is not likely something that you should take on. I think I saw some proportional solid state relay blocks on eBay a while ago that were cheap. That stuff comes and goes.