i've got a lincoln 125. it'll do 1/4" plate all the way down to 22 gauge (i think, it's somewhere around there). i love it, works great. it plugs in to a regular wall outlet and i've even used it on a 25 foot extension cord. anything larger would be way overkill for what i plan on doing.
got it for $420 at lowes and then spent $60 on a auto darkening helmet.
i get my gloves from harbor frieght, they're 5 bucks, i've eventually get some better ones though.
i'm doing the same thing with mine that you're doing. i braced my drop brackets with them, built extended RA's and i plan on doing sliders/bumpers this fall.