First of all, thanks gents, for the many contributions to the topic. Update:
I looked at the house blueprints, and realized the back wall in the closet of the mudroom was a reasonable route between the basement and the attic. Sure enough, I cut out a small section of sheet rock, and a couple of 1" holes later, I now have a workable cable path between the main panel and garage. I doubled up the roughtly 150' to 200' of 12/2 I had on hand and have so far run it from the closet to the panel. Tonight, I'll run it into the attic and through the breezeway roof to the garge. IF the line is long enough to give me two 12/2 circults, I'll set up one as 120V/20A, and the other as 240V/20A, and call it done. 4800 watts of oomph from the 240v feed should handle just about any welding I am likely to do (inverter/DC type welding), and if I had something it couldn't handle, I'll use my generator or take the work and the welder down to the basement workshop, where the panel is. The extra 120V circuit will handle an air compressor and any cutting/sanding machines I need. We're talking hobby grade stuff.
If the 12/2 line I have on hand isn't long enough for good outlet placement for both 120V and 240V outlets, I'll just use it for a single line 120V/20A, and hustle out to the local orange store and get either some 10/2 or 8/2 for the second line, with an appropriate breaker upgrade.
The subpanel is definitely attractive, but not essential.
Remind me I said that in a few years.
