Unless the Eastwood welder comes with a metal wire drive mechanism, I would not recommend it. My first welder, bought in 2010 or so, was an Eastwood Mig 135, and it had a plastic drive gear set up. I got a lot of good use out of the thing, several years' worth (yes, I got my money's worth at $300.00), but the drive mechanism eventually self-destructed. (It still works if you hold it together with a Vise Grip.) Even the Harbor Freight units come with metal drive mechanisms now. My Miller 211 replacement was absolutely worth three times as much in every way.
A warranty that goes forever is great, but it's much easier to just spend a bit more now. Anyone who has bought a new car that turned out to be a lemon knows the joy of a great warranty . . .