I hate to ask a noobish question but I need to make a decision ASAP.
I am looking to buy a welder for projects relating to my '85 4runner, bumpers, sheetmetal work, shock mounts, etc, etc, etc.

I know the general opinion on 110v welders and beleive me, if I had the funds and the space to use it, I would love to get a 220, however, I don't. I have limited funds and I rent, my landlord won't run 220 for a dryer, nevermind a welder. Anyway, I had a bumper on my Taco that I used and abused that was welded with a cheap $200 Walmart welder and it held up to snatch recoveries, dragging over rocks, etc, so I figure I can make due with the 110.

Now that the explaining and excuses are out of the way...I had put aside about $500 for a welder, I read and searched and planned to get a Hobart Handler 140, which seemed to be in about that range and seemed to be a decent welder, able to do the work I would need, however, a friend found out I was looking for a welder and gave me one, it is an old Lincoln Weld Pak 100, but it needs some repairs, the line speed is messed up, the line speed knob is snapped off, and there are a couple small parts that it needs like a new tip, etc. Here is where I finally get to the big question, will the Lincoln do what I need it to do? Will it do it well enough?
I will pay to repair it or have it repaired at a local welding place, but I don't want to spend the $100 or more to do that, get it home, use it a little, then find myself wishing I had a better welder, because at that point, my welder fund will be down $100 or more plus the cost of the mask and gloves, and it will take time to get it back up. Not to mention that telling my wife I need to spend more money to buy another welder will not go over too well. So I need to make the best decision first, do I say thanks but no thanks to the Lincoln and go buy the Hobart or do I repair the Lincoln, thank god for it, and spend the rest of the money on truck mods?
Also, if this welder will not perform as well as I need it to, is there a better option within my $500 max price range than the Hobart Handler 140?
I need to decide soon because the season for working on my truck in the driveway is upon us and I have a friend eager for some welding on his new trail rig too. So I want to get moving on this, only a couple months before this years first trip to Paragon.

 

Bump...

 

The weldpack 100 is a good welder. I have used my friends a lot to weld sliders and such. I've really only used it for flux core stuff. If you have the kit to make it a MIG/Gas welder with solid wire then you should be able to do sheet metal.

That welder costs about $350 new so if $100 will make it new I would say go for it. Save your money for metal to play with.