Sure, quite a few here have successfully changed their TIG torches on their everlast machines. Try doing a search on the forum. Everlast sells torches that will fit, and various aftermarket torches can be made to fit as well.
The WP-9/20 style with a flex head and small handle is pretty nice and maneuverable. Yes, you would typically change the torch leads out while changing the torch, some torches are compatible with the same leads, some use different leads. But to downsize from your current setup, probably plan on changing the leads. The torches/leads are usually sold together, pre-assembled. From aftermarket sources (such as CK Worldwide) there are highly flexible leads available, which are made out of silicone rubber having outer reinforcing braids, which are very nice.
'13 Everlast 255EXT
'07 Everlast Super200P