it seems like it would work. but, if you are just getting into welding you may not want to drop all of that money.
a guy in my club just got a welder delivered to his door for $100. i think he found someone selling it on the Pirate board.
he has done an entire solid axle swap and is currently moving his axles forward 6 inches. the "cheap" welder he uses is more than adequate.
you should be able to find something that will do everything you want for less than $250.

-Grant
'98 Montero with 135k miles