And viseversa , as posted depends on what you want to do with it . Mine sits in the corner since I got my mig . ( he did get a nice cord which I didn't have ) . I've welded 1/2" steel with my mig but it's a rarity for me and most . Recently I bought a tig which also does ac / dc stick . Havnt used that feature yet . Point is all the guys who learned on stick say you should start there if you want to learn . That's ok but the issue is what would be most versatile if that was all you had to spend on something that could be an all around machine . My answer would be mig not stick . Portable , easy to learn and can weld 22ga all the way to ?? ( depending on amp ),
There is a reason they teach welding in a certain order. Oxy-acetylene first, then stick, TIG, and MIG last. There are certain characteristics of the arc and puddle that are critical to getting good welds, and it's easy for a MIG to fool the untrained eye.
Wire welding is very easy get wrong. Setting up the machine propery to not have cold lap, lack of fusion and bad bead profiles takes skill and practice. If you have the settings wrong, the welder doesn't care, it's gonna keep spitting out wire and making sparks. It may or may not be making a good weld. With stick, chances are good if you have enough amps to keep it lit, you're in the ballpark, settings wise.
As far as versatility, the answer there is a good AC/DC TIG/stick machine. By far. Welding any weldable alloys, 2 processes, maybe even 3 with a spoolgun on some machines. The ultimate in control and precision, as well as reliable welding for the thinnest to the thickest metals. Very portable, especially with a 200a inverter and a small gas cylinder. I put mine in the small scissor lift at work and take it up with me.
Mig only is faster if you happen to need to weld steel within the range of the wire currently in the machine. It's very convienient for the occasional steel quickie, don't get me wrong. I have and use many wire welders. Difficult to weld metals like stainless, aluminum, copper, magnesium, and titanium, especially thin sheet or tube, don't weld especially well or easily with MIG. I realize the home shop may never encounter some of this, but I do, and I can't be alone. Aluminum radiators, stainless exhaust, magnesium tool housings, common copper fittings; these are all things the home shop may need to weld.
OP, good score on the Lincoln. They are a solid, dependable machine.