That recept is a 10-50. If you look it up you'll find the description is a 50a 120/240 UNGROUNDED plug/recpt. That means that two pins are 120each and one is a neutral, not ground. It can be used to feed both 120 and 240 loads in one unit.
Your welder has no need for 120 but your safety has a need for a ground.
will it work if the neutral pin is wired to the ground ON BOTH ENDS? Sure will. But a future user who doesn't know that recpt is wired in a nonstandard fashion could be in for a surprise (shock??). Here is a link to a chart: http://www.stayonline.com/reference-nema-straight-blade.aspx All grounded units have a ground pin shaped differently than the current carrying ones.
If it were mine, I'd spring for the correct items(6-50p). As a matter of fact, I just removed one just like it that had been installed in my shop in '67. Worked fine all those years, but I was moving some stuff and decided to make it 'by the book'. One day, my grandsons will be using the shop and I'd like not to be responsible to any harm to those guys.
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