I think using the drywall is not such a good idea. I think over time it would get smashed under the bench and eventually you would have a real mess under the 1/4" steel. I understand the steel would help to distribute the load through-out the drywall but I would think that over time the drywall would fatigue and begin to break down. The fiber board I would think would be a better choice.
It depends on the power/type of your welder as well. With my 110V Mig in order to get the other side of 1/4" steel hot enough to smolder wood I would have to deliberately direct enough heat into the top to run a bead. Gas welding may be different as you are using an open flame.
In my experience it’s the sparks from the MIG welder or from Oxy/Acet cutting that are more of a concern than the heat from the actual welding to starting fires. Those little sparks run off and try and hide in places and get in to all kinds of trouble. That’s why Jack's backsplashes are good for the areas that are plywood. Even then the sparks/spatter rarely stay hot enough for long enough to catch a large piece of wood on fire. Its things like saw dust, oil residue, dry grass, rags, paper towels, strings from the hole in your jeans that you have to watch out for... (don't ask how I know about the strings on my jeans...

lets just say I was not hurt but it scared the **** out of me enough that I am very careful now with welding and possible points of ignition) Keeping a clean shop, containing the sparks, having water and a fire extinguisher nearby will go a long way to fire safety with regards to welding.
That’s just my 2 cents.