I have always used 50 amp breakers on my Lincoln AC/DC Tombstone and pretty much ignore duty cycle. So far so good. Welder is at least 15 years old and works just like new A N D I have NEVER popped a breaker with it.
(Side note... I treated my Lincoln WeldPak 100 (MIG) the same way for 15 years, welding till it shuts itself off and doing it again when it lets me. A couple days ago it started acting "funny" and sounding weird (noisy airy arc) and I suspect the rectifiers are fried making it have AC output.)
Pat
breakers and duty cycle aren't really the issue. your breaker must be able to resist the entire current draw that you are putting on it, otherwise it will trip. the downsizing issue is about the wire you use between the box and machine. this is where you can downsize due to duty cycle. normally, a 50a load requires #6 wire, but wiring does not fail instantly the way that a breaker trips instantly when overloaded. the wire will get hot over time and then eventually cause failure and possibly a fire.
since welders generally have a duty cycle (10%-60% generally), meaning that they will only work (draw current) for so many minutes in a row. because of this, the current draw will cause a smaller wire to heat up, but not to the point of failure. when the machine hits its duty cycle the draw stops, and the wire will cool down. a properly sized smaller than normal wire will work fine for this application.
this may seem a little sketchy to some people who have never heard of it, but i can tell you that it is a common occurrence. i have an older craftsman 30a-230a welder, and the power cord that the manufacturer put on it is a 12/3. normally people consider a #12 wire to be good for only 20a, i can guarantee the welder draws more than 20a at times. as you can see the manufacturers are already doing the wire downsizing, so it is perfectly common and safe. i think i remember reading somewhere that most common stick welders will operate safely on 10/2 nm cable.
again, this is just my layman's description of what happens. if unsure, always consult a professional. i do know that to meet code, you need some special sort of labeling on any circuit where the wire is downsized due to duty cycle.