I'm in a similar situation myself.. The thing is that I made my mind up that nothing short of 220 will do... I have a small stick machine that drives me nuts... It will work........OK, on a peice of sheet metal(thin) if I use the higher setting with the smaller rod... If I try to get it to do something(it may have been designed for) it will trip the internal breaker... The DC makes a difference, if you are trying to weld your bucket hooks and it trips as soon as you get it going, it will take forever.. Maybe your more patient, but time is money(even if its your personal stuff) my time is very valuable to me and my family, I dont need to fiddle with something for hours if the right sized machine could do it in 5min.. Thats my personal decision on the matter.. I've even decided on the MM210 or Lincoln equivilant(I hear the lincoln parts are cheaper if it needs repair too).. I'm looking at $1200, still swallowing that and trying to fit it into the budget, but I'm sure it will be worth the wait in the long run as I hate wasting money on something that "might" do what I need..
Something else to think about that concerns me about your posting too.. You keep mentioning bucket hooks.. They need to be solid, a marginal weld on one could kill you or someone else...
Sorry to be a bummer, but you'll be happier in the long run with a larger machine.. Kinda like hunting deer with a .22 .. It can do it, but your much better off with t a 30-06..