You'd start with an article discussing the electrical characteristics.
Which you already know some of them.
https://www.twi-global.com/technical-knowledge/job-knowledge/power-source-characteristics-121
For example:
https://weldtalk.hobartwelders.com/forum/weld-talk-topic-archive/welding-processes/12428-how-to-test-the-output-of-a-welder
"You can load bank both CV ( MIG etc ) or CC ( stick / tig ) machines"
Here is an example of a load bank (this looks low-tech and probably
for non-inverter welders). At least the scale of the box and
the vent hole for the fan cooling on the side, hints at
what sort of size is involved. Some of these load banks are
intended for trailer-style welders. (Back home, the gentleman
next door worked for the highways department and repaired
their trucks, and he had a good sized trailer-mount welder.)
https://www.millerwelds.com/accessories/load-banks/load-banks-m08200
*******
You could start with some wirewound resistors.
http://www.farnell.com/datasheets/1927175.pdf?_ga=2.227992665.558601560.1612919039-1466950013.1612919039
Manufacturer: ARCOL
Manufacturer Part No: HS50 R1 F
You can construct a heat tunnel, using four heatsinks with
inward facing funs. Fasten a 120mm fan to the end of the tunnel,
Drill and tap the heatsinks. Screw down the aluminium power
resistors to the heatsink. Some thermal paste between heatsink
and power resistor helps (Arctic Silver).
The hardest part of the project, is connecting the
resistors together. The resistors are, after all, only 0.1 ohms
and you will be connecting ten in parallel to hit 0.01 ohms. If
the welder is 100A 100W, that load would work. If the welder
was 200A 400W, that load would work (the resistors will get
damned hot), One reason you are selecting a large number of
resistors, is so they can be reconfigured to create other
resistance values, according to welder characteristics.
To be a decent welder, the power numbers are probably different
than that. Maybe the damn thing puts out a kilowatt. Make sure
of your power numbers before incinerating something.
The resistors are available in more powerful values, but
the price is proportional to the increase in power rating
(and consequent reduction in delta_T heat rise above ambient).
The 10W resistors are expensive and piddly (you might use
them without heatsinks, still with a fan, but at the
price, no way!). The 100W resistors are expensive. And so on.
The seller sometimes tries to "move" components not selling well,
or components where they have decent quantities. I got a real
good deal on ceramic caps once, and regret not buying a lot of
them while I had the chance.
I used to get power resistors for 1/8th the price of what I
see today. The local electronics store used to sell them,
and it made buying power resistors "painless". But it
still doesn't solve the infrastructure issue. You have
to make sure you're doing a good job of dumping the
heat, into the air. The wire gauge to the ends of the
resistors must be "extra fat". The electrical load I
constructed has a fan too. But my electrical load is
not in the same class as yours, so my wiring is a joke.
The one I show above, is the "fancy" version. Because it is
encased in Al, and has screw holes, it begs to be bolted
to a heatsink. There are cheaper ones that rely on their
own casing for cooling, but then you need more of them.
If you're not careful in your selections, the solder could
even begin to melt. Some are also fuseable, and the
material in the resistor will melt (it's part of the design).
So read the datasheets carefully.
The above resistor is 200ppm or so, so not nearly as bad
as the tempco of copper wire.
If the "resistor bank" is 0.01 ohms, the wire interconnect
to the ends of the resistors must be very good quality, otherwise
"the cabling is the resistor" and not the resistors. Copper
has a high tempco, and if the copper resistance is
greater than the resistor resistance, the tempco of the
copper interconnect dominates the resistance behavior.
(Resistance of load will change during operation, just
like light bulbs change radically and nichrome has a tempco.)
Another thing to remember, is at currents above 50A, you
start to feel magnetic deflection effects. This means that
some of your materials need to be stiff enough to resist
twisting or torque while powered. We got a demo of that
at a local technical school during open house. They had some
long cables with 100A running through them, and when the
power was switched on and off, the cables (heavy cables)
would deflect. Still not enough to be a danger, but still
a visible effect. In engineering school, there were calcs
highlighting the effect, but a visual demo makes a more
lasting impression. These are not wires that were "coiled",
so no multiplicative effects were present.
Paul