Heavy-Chevy,
I think you'd be very happy with it for that purpose. The catalog I have here in front of me says 24 gauge to 5/16 mild steel. I've been welding mostly 1/8 sheet but I'm working my way towards the rear bumper and spacers for the frame rails of my dump bed that are going to be pretty thick. Using 0.35 gauge wire, I think you could probably weld 1/2 steel if you were to grind a good v-groove into the pieces and make multiple passes. I'm sure it's hot enough to give good penetration.
Woohoo! It's almost Saturday! Work on the truck day!!!