Your minimal investment might look even better when you consider that your Lincoln buzzbox can actually do more than serve as a welder alone in a backyard shop environment.
Add a Twin Carbon Arc torch (make for free or buy for cheap) and it gives you nearly free source of intense heat for bending metal, brazing, silver soldering, freeing rusted nuts, improvised flame fill weld,etc. Twin Carbon arc can actually be made to burn up to 1000 degrees hotter than oxy/acetylene torch if desired. (note: Twin Carbon Arc will NOT cut metal).
That said you can use that Lincoln to cut metal and pierce holes. 6011 in the stinger and crank up the amps - recommended technique for cutting/piercing is even provided in the Lincoln manual. Not plasma quality cuts, but it does work in a backyard shop and is economical.
Your minimal investment should look even better now when you factor in that it can do more than welding alone and that it is likely to still be working 50 years from now.