Its not that it wont work it more of a problem with getting enough power for long enough periods to be able to do anything practical with it. A portable 100 amp stick welder is nearly useless for any level of welding. I have had a few and they where not all that impressive.
The problem with the tape is that it has a low melting point and running 100 amps through #10 wire is going to warm it up fast! Your tape will melt out rather quickly and short out your windings.
A real welder transformer has a variable output adjustment. The rectifying it and then running it through a capacitor and choke will give you a fair DC welder equivalent but with only one range.
By the time your done with all the finding parts and building it your financially into it further than had you just bought a good used one. I have picked up good used portable stick welders for under $30 a few times.
If it just to try and build one its a fun project to learn from but if you need to do any real welding that has to serve a purpose your better off with a factory made one.
Here is the actual factory schematics for the old Lincoln SP-100 series wire feed welders. Basically all you need is a heavy duty 2 KVA or a set of smaller transformers with a 18 - 24 VAC secondary and a heavy choke for the power supply side. It can also be modified to work with other output voltages or functions as well. If you just use the voltage regulation part is fairly easy of build.
Change the voltage feedback loop to a current feedback and use a higher voltage transformer and it can work as a basic adjustable stick welder power source too. They are based on a nearly identical power control circuit.
Its just a thought!