You got what de book say, and you got de real world.
Book says 1 plug per circuit fer machine wiring, plug is only a safety disconnect from what I recall of de book.
Book also say service must be greater amperage den total amperage of every machine in shop, even in 1 man shop.
Den you got reality, book don't mean diddle unless local town declares de book to be de authority. More bullrap.
Real world, machine might be 400 amp capable but dat not mean machine ever gonna run 400. What machine sucks thru meter strictly determined by what machine outputting amps, NOT nameplate. Nameplate about as useful as de code book in real world.
Worst case, you live in house wid homeowner busybody club where you need written permission to pee on your grass, IF you kiss enough azz you get to have welding machine in your neighbor approved garage, you go by de book. You live in house long way to paid for and planning to move, go by de book. Probably best you remove all traces of shop before listing de house.
If you live in sane world, you go wid what works.
Wire size determined by 3 real facts.
Amp capacity is function of ability of insulation to handle heat and shed heat to surrounding. You can put 100 amps thru doorbell wire hanging between insulators on poles and it won't overheat. Fuse element proves dat all day every day.
Second big fact determining size of wire between machine and panel is real important. Gotta keep in mind inrush current when arc is struck, and long wire too thin won't accomodate 10 times actual weld current. Gonna give you lot of trouble establishing arc. Gonna give you low voltage at machine too, not good.
Remember in lab at factory where machine made, specs were made in a Lab where voltage to machine was adjustable to be maintained at 120 or 125 volts on nameplate. Put 100 feet of #14 cord between plug & machine and meter you probably see about 110 volts. Hurts performance and near kills arc start.
You running machine from plug in house, distance from plug to panel factors in too because dat Romex no different from extension cord so you probably below nameplate voltage at plug. Too big wire between panel and machine never been a problem, too small generally is.
All wire generates heat as electrons march along from panel to machine. 50 amps going thru # 10 copper makes more heat den 50 amps going thru #8 wire. Hear becomes more problem as time builds. Heat changes amp carry capacity of wire as wire gets hotter. Long enough time small wire becomes smaller electrically. NOT GOOD..
Aluminum wire adds whole extra set of problems. Generally you gonna be seeing aluminum over #10 size wire.
SO, since you 1 man using 1 machine at a time, and really don't want de cost of 1 plug + wire + breaker for every machine, how you do it cost effective?
Simple. Code provides completely legal workaround, same thing you see at every festival you trip over cords and walk around splitter boxes where cords meet up. No different from plugstrip behind computer.
Code says code doesn't apply beyond plug connected forever to panel.
Get yourself 6 foot range cord, make metal box wid 4 range plugs, wire it up and you got breakout box. Add couple breakers if you want or even fuses and you can add 120 volt plugs to welder strip too. Plasma machine real good for cutting outlet openings.
Smart move when building, add pair of 120 volt indicator lights to welder strip.