Defective,
You got it amost right . . . . I LIVE to build tractor uprades...
I am a renovation, maintenance & painting contractor & had worked only in wood for 20+ years. 5 years ago I bought a miller 175 mig with some extra cash - a toy I'd always wanted to own - & a 12" dewalt abrasive chop, though I find myself doing most of my cutting with my hand held right angle grinder (10k rpm with 4" to 5" whizzer blades in it cuts wicked fast and accurately also awesome for cutting bolts to size & doesn't mess up the threads). I also have a 16" drill press and all the usual shop toys. I taught myself to weld and work with steel by trial & error and actually rarely build wood projects any longer except my day job of course.
There are very few things I own that have not been tweeked, enhanced, reshaped, (wrecked sometimes) by the desire to have them perform a little better - a curse I inherited from my Dad.