Welder question?

Anyone know anything about welder repair?

First, I have a 20 yr old Craftsman mig welder. Don't laugh lol. It's a little 85 amp and has served me well for sheet metal and other light stuff. Model 20111. Made by Century. They made this same unit for many brands. Friend has a Snap On that is the same unit except color and stickers.

Unit worked fine, got it out the other day. Turn it on fan only and is fine. Turn the power control on to just the lowest setting, dims the shop lights. Turn it on again today to investigate. Same thing, smell smoke. Take side cover off and turn it on. Smoke is coming from the rectifier assembly. Smokes, glows red and even saw touch of flame just where the white plastic tabs (only on a couple) touch the metal plate. Look like there is apiece of metal under the tabs that hold them off the plate. The rectifier is part # 860-905-666. It's available for around $70 but a quick search shows some sold on ebay for ~$50. Pic of the rectifier below.

I know ZERO about welders.
Diagnosis? Just a bad rectifier or is something else causing the smoke/fire/red hot?
A simple bolt in fix? Worth fixing?

lol sounds like its time for a new one........

at 20 years old I would buy a new welder, we had 30 plus welders at Pace American 95% of the time when I would replace one part in it,it wouldn't be long before something ealse would go out

David, call my dad Steve works at Airgas he repairs welders for a living and we are not that far away from you in chattanooga Number is 423-756-6122 he might be able to help.
Doug Benton