The motor and even more so the compressor will need cooling air, provide for that when You build the enclosure. While You could run a pretty big compressor from that machine, get one only large enough to support the air arc, so there is still plenty of weld output. A friend of mine runs a 7.5 HP Quincy from a Trailblazer 301G. Starting that compressor takes all that machine has.
ya those vantage 500s dont even sweat with 2 grinders running and welding at the same time. i was building a 10000 bbl tank with a crew and didnt want to string out my truck for a little grinding so i pugged in and so did anouther guy and he powerered his horizontal subarc off ac for the drive motors and weld power and it had no problem at all
The one I use is the american eagle brand and when I compared it to the dewalt they were exactly the same machine, one blue one yellow, one $1800.00 the other $1200.00 and with a contractors discount I payed $1050.00. You are right that they do suck up some juice on start-up but the unit I have has a constant run mode so that even on 110 volts it works by unloading the compressor instead of shutting off the motor I still run it the same way in 220 volts it eliminates that dead short draw that happens if you set it for the motor to shut down. I have and do use this machine for the exact same purpose as you have suggested. All the machines I looked at offerd this option and I think it is worth having so you do not over load the circuits on the welder. They do recomend thaugh that if you are to run the machine for extended periods that you do not let it run with out a load for long as this causes the compressor head to over heat, but when gaugeing I have yet to have this problem . and if I do take a break I just leave the torch on a little so the compressor is always loaded.