The welds your planning to make with your new welder will only be as good as your skill set. First of all, decide what gauge or thickness of metal you require for your frame. After you get your welder, purchase some metal, be it scrap or whatever and practice, practice practice. A 110V MIG would be able to give you all the strength you need for a person of your size and a the HP that the engine puts out. You need to learn the art of welding more so than worrying about the welder, in the case of Go Karts anyway.
I have seen people try and weld thin metal with a 220V welder and the weld failed, why, because the person didn't know how. I'm not trying to be critical, I'm trying to give you the facts.
So, to answer your question if a 110 MIG could handle the job that you now have it intended for using the proper materials, the answer is Yes, the question of can you obtain the skills to use the welder so that it will hold the capacities that you want it to, the answer is yes as well. But learn how by practicing before you build a Kart that's for sale.
Hope this helps.