If all you're cutting is 1/8 then this cutter should work fine. I've used a much bigger one as part of my metalwork training, and IMHO plasma cutters are great, much easier to use than a cutting torch. I haven't used (or seen) the Harbor Freight version, but $500 is a pretty reasonable price. I think I've seen that one advertised for $700 or more.

I don't quite understand why you can't wire up a new plug yourself; that's what I would do. I'm assuming you have a 220 outlet for it. If not, then yeah, I'd probably hire an electrician to put that in.

You should know that Harbor Freight equipment isn't considered top of the line, or even mid-line. But when you're only using it to 1/3 its capacity, it might be all you need. Parts and service might be another issue.