i am not so sure you want a cheapo. i bout a hobby stick 110 and played with it for awhile. then i used my friends variable high power stick welder and it was totally different. i don't think that it would be worth it to buy a cheap one and use it, then buy an expensive one. if you add it up, it is cheaper just to buy an expensive one.
today i had to go buy a new chop saw because my $50 harbor freight one broke... i spent $212 on a dewalt (with 5.3 horsepower!) and i am pissed that i wasted that $50 by being a cheap ass.
just what i think, but do what you can afford by all means.
-nate