OK, I checked again and here is what I found. Open circuit voltage is right at 69 volts and is bang on over the whole amp range. There is some thermal drift over time, but it's less than .1 volt and again is constant over the whole amp range. This is the same in stick mode and TIG mode, BTW.
So clearly you have a problem with your machine and how far you want to dive into it is up to you. Very odd that you got two bad ones.
Mine is very stable down to 10 amps on 240VAC sorry I forgot to check on 120VAC, but as I recall it will go down to 7 or 8 on 120VAC. The actual output is a little higher than what is displayed, and that is pretty consistent everywhere. Checking under load, the output is very stable with just a little droop at longer arc lengths. In the low range it can handle arc lengths up to about 15 volts before it cuts out. With the panel set to 10 amps, a short arc would yield 13.6 amps @ 11.5 volts, while a super long arc would be 12.2 amps @ 14.8 volts. At the 15 amp setting the results are about the same 18.9A @ 11.5V vs 18.0A @ 13.3V
You answered my one other question about checking in stick mode. I frequently forget to flip the switch, and not only will the automatic hot start take it's toll on the tungsten, but the auto arc force also plays with the amperage and causes some of what you describe. I wonder if that is not being switched out on your machine? As the voltage goes down it will crank up the current but it is not reflected in the panel display reading.
BTW joshuab, using this kind of machine is stick mode is not quite the same as a normal scratch start setup on a true CC machine. There is that annoying auto hot start and auto arc force that can't be turned off. Also HF is not required on all AC TIG. True sinewave needs HF on all the time to stabilize the arc through the zero crossings, especially at low power. Squarewave machines can get by with just HF start or none at all since they have very rapid zero crossings.