Depends on what materials yu can get at low cost.
A firend in NM is near Hollman AFB, get used Cu wire and conduit for scrap prices.
If you have similar situation, would simply run a parallel 2" conduit with as big a wire as you can find surplus.
Don't forget about voltage drop, although not too important for the welder. I run a 320 Amp buzz box off 130 ft of 8 AWG run out to the barn and only trip the 50A breaker if I run a high duty cycle for over 15 minutes at full amp setting but likely getting under 300A at rods.
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