Dont be afraid of the new Vulcan line at Harbor Frieght. really nice welders for the $ and there are 110/240 models avalable. As much as you will be useing it they will last a lifetime and I believe they use Lincolin consumables.
Yup get the "flex-hone" they work great the one you want is 4.00-4.500" if you look around you can get it for about 75$ worth every penny. I have a 320 grit I use for moly rings.
Use the stripping discs its the fastest least messy way you can do it in a normal home garage setting. use the sand blaster on them small hard to reach spots but be very carefull not to hold the nossel in one spot for to long and never on a big flat surface.