With smaw, an angle grinder and some patience you can fabricate most anything within a 1/32 of a inch tolerance. (Except maybe a hole but that's what the hole saws are for.)
If you run this off of 240v single phase you shouldn't be tripping the breaker when you turn the amps up.
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If the duty cycle is to be believed 6 minutes of welding at the full 125 amps before it needs a good 30 minutes to cool down is acceptable. Hell of a lot better than the harbor freight smaw machine that craps out at 3 minutes of welding at 70 amps.
As for the welding kit, all brand new, off the top of my head, budget no less than:
$125 for the welder
$15 for a chipping hammer,
$5 for a wire brush,
$100 for an auto darkening helmet,
($40 for a fixed shade hood but its a lot of flipping that up and down)
$30 or so for some heavy welding gloves,
$10 for channel locks,
$20-100 for a brand new angle grinder brand, depending on the brand, and
$30-50 for a cotton welding jacket. A bench vise and measuring tools will come in very handy but not necessary for playing around.
Then we have consumables:
Idk just budget $50 for welding rods, cutting discs and some flap discs, that should buy plenty of everything. 7018 is very popular but I started with e601X( 6010, 6011, 6013 etc)
Go on craigslist or to pawnshops to save some money but I can't guarantee there's anything good for a fair price. I wouldn't touch market place with a ten foot pole: too many losers and idiots.
If you hate welding, I would charge half of msrp assuming you bought it new and just eat the loss, but I am not fond of haggling so you could probably get away with
%75 of msrp if the tools aren't thrashed.
Weld.com has some great videos.