PJ-27. That waterlogged welding rod idea has it's uses, but it ain't accurate nor neat.
Also, I have a seperate CUT 40 plasmatorch. It has its uses. Especialy when cutting curved shapes. For £200, you don't hear me complain, that's a yearbudget* of cutting disks that you can save in the end.

@ SamO. Depends on budget, but arc is cheaper in aquiring and use, but it's a lot more limited, and takes a lot of practise to get any welds that don't need a lot of anglegrinding to look decent.

*for me that is