Sounds like you fella are designing Christmas decorations.
This by far not a perfect world and thoery dosent always coincide with reallity. And more welding is done in the fields than in the Labs.Thats reallity
I have worked in under ground mines and other places where water was every where and unavoidale. You stand in water up to your knees and all the leads are wet.
Here are some things you need to know about a welding machine in the water.
As soon as you pick up the stinger you feel the shock of the voltage and Milli-amps, not welding current, if the you were conducting welding current the machine would come off the idle position and you would be juist crispy critter that part is real easy.
As soon as you strick your arc the shocking effect stops.
The above were DC machines not AC. I would not consider trying that with an AC machine or AC current.
I am not brave or stupid for I only followed in the foot steps of many before me who never suffered any ill effects.