Does the 125ADC setting have reduced Open circuit voltage?.
Yes.
Because of using common parts, I wonder if the 125DC setting inherits reduced OCV from the 225AC setting, which was necessary to accommodate 230V 50A supply..
Partially right.
The transformer of the welder is designed to have a certain inductance that limits the no load input power. At full 225 amp AC output, the current is limited by the maximum voltage tap of the transformer. Note: With these machines, you don't really adjust amps directly, you switch voltage taps on the transformer secondary - the higher the voltage, the higher the current - to a limit of 225 amps AC.
For DC, the AC current passes through the voltage selector switch and then through the full-wave bridge diode bank (rectifier); this causes a drop in output voltage of about 2.8 volts (1.4 volts for each diode in use at a given time in the cycle). The current then passes through an inductor (to stabilize the DC arc) but this also drops a volt or two. Finally, on the Lincoln AC/DC 225/125 the DC current passes through a circuit breaker. The net result is that at each current setting, the welding voltage available is about 4 to 6 volts lower on DC that the voltage available on AC. This means reduced DC current output at every amperage setting. e.g. On the max amp setting, you get 225 amps AC but only 125 amps of DC.
I am considering replacing my Craftsman 35-230A with a Lincoln AC/DC 225/125. However, if DC settings for 1/8”rod have wimpy OCV, I’ll just get a plain old AC225S. I love the stable arc and simple setting of AC225S. Never used one with the DC option.
Personally, I like the Lincoln AC/DC 225/125 machine - nice arc on DC and 125 real amps will run most all 1/8 inch diameter rods. I've owned about 6 AC 225s and 3 AC/DC 225/125 units... sold them all off.
For me, the best old-time transformer welder with combo of AC/DC power and weight of only 15 - 25 lbs more than the Lincoln AC/DC 225/125 is the old Linde AC/DC 250 - 250 amps of either AC or DC! For sure the Lincoln Idealarc is better but... for me... not at 300 lbs!
I hope this helps - just my experience and my personal view on this.
Good Luck to you! :drinkup: