hmmm I have wondered about that too - it's probably too hard to guess how all the variables will come out without actually measuring (I even had a few fleeting ideas of current meters etc - yer, I'm a nerd)
Although, I'd say the cost of the electricity is quite small (as IronDarren pointed out 4%)...
Consider these two points:
1. Calculate the max your welder could possibly use and know that it's typical usage will be less than that.
Take your supply voltage and multiply by the Max current your circuit (fuse/breaker) can supply to your welder. That should tell you the maximum possible power it can use. Decide how many hours you use your welder for and multiply out to get your total energy usage. Multiply by your current electricity tarrif rate.
eg. Mine is supply is 240V, through a 16amp breaker
240x16 = 3.84KW
My Tarrif is apporx 15c per KWh...
So if my welder max's out my circuit it could use up to 57.6cents per hour.
2. If you really want to get an idea of how much power each setting uses you could......take some "before" and "after" readings from your power meter, and note the number of KWs used during test welds at given settings, wire speed/size.
Hmmm, actually This might not be a very smart option at all !!!! - since it seems that would take at least 1 hour of continous welding for my meter to read an extra 3.84KWh's...hmmm My meter also has a "spinning wheel" that would indicate much smaller amounts of consumed power - but you'd have to count the revs....wonder what the wife would say?