I try to never rip the old out if it is just undersized. (unsafe is different) Sooner or later that old run of wire will be just what I need for my next piece of equipment...saw, compressor, heater etc.
you'll need also to determine the gauge of the wire for the circuit. the distance from panel to the welder will also determine gauge of wire to use.
why not put your welder specs & circuit distance on the welding part of this forum for that input. the size circuit breaker is also important, think i put a 50 amp breaker, but yours may require different.
I think a 50 amp breaker for a 211 is over kill. It could come in handy for a larger welder in the future. For a 50 amp circuit I would use 6 gauge copper, not 8. 8 may not even be to code for a 50 amp circuit but I'm not an electrician so others can better tell you.