After discovering a Stone age hobby MIG,
https://www.mig-welding.co.uk/forum/threads/vintage-migmate-reunited.101179/
I think I've now found the definitive Paleolithic version:

Dissection was revealing. Here we have a huge drive motor with a single wire groove on the spindle, no roller; you are to use 0.6 wire. Centre tapped transformer and a half wave bridge rectifier (removed)

There's no wire feed PCB, the astute may have spotted. That'll be a 'live' torch, then...

It's got a rectifier or transformer problem but I'll try and fix it.
https://www.mig-welding.co.uk/forum/threads/vintage-migmate-reunited.101179/
I think I've now found the definitive Paleolithic version:

Dissection was revealing. Here we have a huge drive motor with a single wire groove on the spindle, no roller; you are to use 0.6 wire. Centre tapped transformer and a half wave bridge rectifier (removed)

There's no wire feed PCB, the astute may have spotted. That'll be a 'live' torch, then...

It's got a rectifier or transformer problem but I'll try and fix it.