Jim, I was just doing some searches on here...and saw your post..hahah...(I'm working with Jim on this to get it working).
208v is what you get when connecting any two hot wires from a 3-phase 208Y setup.
Any device that is basically a heater, which creates heat by dropping voltage across a resistance will be affected by the voltage...since dropping 208 volts does not make as much current flow as dropping 230 volts. If the device has some sort of switching supply then it won't matter because a switching supply can handle a wide range of incoming voltages because it can change it's duty cycle to create whatever internal voltage it wants. However, a welder is not one of those things. A welder is basically a transformer which has a ratio between incoming voltage and outgoing voltage. That ratio is fixed by taps in the transformer. As you turn your welder up, what you typically are doing is just increasing the voltage on the welding wire, i.e. selecting a different tap of the transformer which has a different ratio.
Now...all that told...my Lincoln Pro-Mig 175 (i.e. identical specs to the Hobart/Miller one) has a rating for running on 230v and a different rating for running off 208v. On 230v it'll draw up to 20amps and welds with a duty cycle of 30%...on 208v it'll draw up to 22amps with a duty cycle of 25%.
So, as long as you weren't totally maxing out your welder before, I don't envision any problems with this.
I'm looking up for some pics of the actual sine-wave to show why it's 208v and not 230v.
Here we go...
What you're looking at here is the voltage on each wire of a 3-phase circuit. What you're notice is their is 120-degrees of delay between each phase. This means that there is no point where one phase is peaking and another is bottoming out. If one was peaking and one was bottoming out, they would be 180-degrees apart...which is normal home wiring (mistakingly termed "single phase" often, even though it's not single, it's 2-phase). In a 3-phase setup the phases are closer to each other (120 degrees apart, versus 180 degrees) but that means the peaks and valleys don't line up...so you don't get quite as high of voltage.