That recept is a 10-50. If you look it up you'll find the description is a 50a 120/240 UNGROUNDED plug/recpt. That means that two pins are 120each and one is a neutral, not ground. It can be used to feed both 120 and 240 loads in one unit.
Your welder has no need for 120 but your safety has a need for a ground.
will it work if the neutral pin is wired to the ground ON BOTH ENDS? Sure will. But a future user who doesn't know that recpt is wired in a nonstandard fashion could be in for a surprise (shock??). Here is a link to a chart: http://www.stayonline.com/reference-nema-straight-blade.aspx All grounded units have a ground pin shaped differently than the current carrying ones.
If it were mine, I'd spring for the correct items(6-50p). As a matter of fact, I just removed one just like it that had been installed in my shop in '67. Worked fine all those years, but I was moving some stuff and decided to make it 'by the book'. One day, my grandsons will be using the shop and I'd like not to be responsible to any harm to those guys.
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Today's Featured Article - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
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