I regularly use magnetic welding clamps as well as the Mole Wrench variety when gravity doesn't cooperate.
Having had to disassemble an Eclipse mag-chuck for maintenance/rebuilding, I wouldn't think twice before using one as a welding clamp, with one proviso:- The chuck will come to no harm whatsoever from welding currents. It'll conduct far more current than any welding set you can buy, without any issues at all. However, if welding thinner stock, you may find that the arc wanders about a bit due to excessive magnetic field close to the arc. if this happens, wind the mag-chuck handle back a bit to reduce the force/field.
If the mag-chuck seems at all stiff in operation, drill a couple of holes in the opposite end castings, flush it through with clean oil, then plug the holes. The major cause of failure with the older Eclipse chucks is the casting failing due to excessive force from the eccentric moving the magnets once it gets dried out/contaminated with coolant.