THenningsen, you remind me of me.
Here's my saga with welding.
I spent a lot of time reading/discussing here and over at
Weld Talk.
I ended up buying a
Maxstar 150S from
Cyberweld. It came down to a decision between the Maxstar and the
Stickmate LX 235AC/160DC. I got the Maxstar because I can run it at full output (150A) with only 30A input, it's small, and it'll work on 120v or 240v. It's a fancy inverter machine that GHarman mentioned.
There are 2 downsides to the 150S: it's stick-only, and it's DC-only. DC stick welding is a lot smoother than AC, but you can't weld aluminum with DC (I had hoped to do a little Aluminum welding).
As for welding hoods, what I'm about to say will be considered by many to be sacrilege: I use a Harbor Freight auto-darkening hood. Some day I plan to buy a big fancy hood, but for now the HF was about the best I could justify to my budget. So far, I've had no problems with it.
I also own a Campbell-Hausfeld 70-amp AC stick machine that I got about 10 years ago from Wal-Mart (I think). It runs on 120v, and is a real junker. BUT, I used it to see whether stick was something I would enjoy, and after spending time practicing on it, I was able to appreciate the quality of the Miller that much more. I think it cost me $80 or so for that CH. It still works, although I don't use it anymore. I consider it $80 well spent.
Ryan