BrownTown 
Thanks for the pictures. You know, I've never actually used an air cooled torch. I worked out a little deal at work where I leave my personal MIG welder there and we use it for little maintenance jobs around the shop. In return I get to screw around on the TIG machines. It works out good for me because I am in the process of setting up my little shop at home at the moment (electrical and such). The TIG machines are all water cooled so that's all I have experience with.
One of our welders brought in a similar project to what you posted. I watched him weld it and was really shocked at how much junk was coming out of that thing. It looked just about like yours after weld but it really machined up nice.
Once I have my home shop set up I'll probably still keep the MIG at work. The machines at work are monsters and it will be nice to be able to use them if I need the extra capacity.
