I'd go with 3/32 collets and bodies as well as a gas lens setup for the 3/32. Although I do have 1/16 setup as well, I really don't see the need to use 1/16 on pretty much anything. You also don't need to use the "proper" sized collet holder. Just use a 3/32 body and use smaller collets if you want to try a smaller tungsten.
Everlast 200DX
Everlast PT185
Shoptask 3-in-1 (not currently in my garage, but I own it...)
Any day on a motorcycle like this that ends just needing parts and labor is a good day.
4.82, 158.67mph 1/8th mile 7.350, 200.35mph 1/4 mile