My Peerless 220 was dual voltage: 240 or 480 (it was designed to be a farm welder: Peerless is located in Bendigo in regional Victoria). However usually you can run 480 Volt welders on 415 Volts (phase-to-phase across a 3 phase supply): you only lose 14% of the secondary voltage. Incidentally there is no such thing as a 3-phase welder, except for the rotary ones like the old EMF DC welder that looked like R2D2 (DC motor-generator set with vertical shaft). Welders that plug into a 3 phase supply normally just have one transformer, connected phase-to-phase. The Peerless 220 was far from being the worst welder I've used - my old CIG portable, with the secondary wound from aluminium strip, was easily the worst. However the Peerless 220 didn't sound smooth and didn't run very smoothly either. I think there were oscillations going on in its transformer during welding. It isn't obvious how crummy that is until you try using a really good stick welder.
It might take a while to get the oil out of all the wrong places on your tiller engine, now that you've corrected the oil level. If you just do the oil-in-the-plughole trick you'll know whether it needs rings or not. Of course it is possible it will have a worn or scored bore as well - have to take the head off to see.
