Racecarl, I don't have the technical background to answer your question in detail though, I am more than happy to give you my opinion (Ask Andy at
www.millerwelds.com can give you the technical details).
While your idea would probably work as a stick machine and possibly with a wire feeder you would lack the proper load/rpm controls to maintain a constant engine speed/amp output necessary for quality welds. I am speculating the machine you plan to use is an older machine with lots of hours on it and even with the Wisconson purring like a kitten the welding generator would not provide the smooth and stable power necessary when mig welding, especially on thin metals. A true multi-purpose machine requires ac/dc and constant current/constant voltage output. If you have your heart set on an engine driven setup, take the plunge and buy a machine designed for multi-process welding.
As for the HTP I can't say that I have heard of them. My opinion again, stick with a name brand machine. Also, the duty cycle, (welding output at full amps for 10 minutes) is probably more important than the machines highest rated output, compare very carefully. I've owned Lincoln and Miller and have been very happy with both, but I have to say I'm a little partial to Miller. A name brand welder will have a higher resale value and parts and service will be more readily available. I bought a small, Lincoln mig welder to take to Central America last year, when we unpacked it we found a part had broken in transit and we were able to find a local Lincoln dealer for repair. Don't let initial price rule your decision. Save your tinkering and puttering time for your Stovebolt! Hope I've helped.