Not to sound like a know it all, but I just bought a 47' stubby (we call em' stubbies here in Canada), and my best guess is that your 46' is the same as mine. About the starter, from my experience it's hit and miss as to which model years have a hole in the rear plate (and a ring gear on the flywheel).  My 56' stubby has a starter and all, go figure?.  As for running a grinder or other power tools, the old welders can do it but the wiring has to be correct, and yer idler will probably have to work fairly well, (unless you just throw it on hi idle and let er' buck). Both of those conditions are usually not the case buying an old welder, in my experience anyways. There's pretty much nothing time and money won't fix but if you're planning on installing a starter on that machine, you can use a flywheel from an old sa-200, machine a hole in the rear plate and buy a starter. But, if you want a starter you need a battery and an alternator. Good luck, I'm in the same boat.