I have a bunch of experience with small mig welders. I taught the Welding and Metals Fabrication Program at Boise State University for 24 years. I personally have a 220 Volt small Hobart welder in my shop for just such projects as you intend to build. I use .030" solid wire with C25 cover gas. It is great for about any project I want to work on. The millers are also great machines. Another benefit of a 220 volt machine is that your friends will not be so quick to want you to bring your machine over to their place to work on their stuff when they find out that you need a 220 volt plug in.
I would recommend that you enroll in a local evening course to learn the fundamentals of welding. There is more to the process than just point and pull the trigger.
As far as a combination torch, my experience has shown that the most durable on the market is The Victor. If you are going to be the only one to use it, I prefer the Smith setup. It is easier to change from cutting to welding or brazing. That is what I HAVE IN MY SHOP.
Happy Trails All
Ron in Boise