I'm in full support re buying useful tools and plasma is definitely a useful tool. I've had a Hypertherm 380 model for decades that's still going strong. It'll cut 1/2" plate but struggles, but it's called a 380 for a reason.

But honestly, if you want to cut the drawbar down, chop saw or bandsaw is the way to go and another drawbar that's unmolested will solve the problem.
Talking of welds, here's the pintle hitch draw bar for the MX. I like 7018 for most "critical" stuff. The draw bar can be flipped over to give difference hitch heights. A good rule of thumb for fillet weld size is the leg should be 75% of the thickness of the material being welded, for a full strength connection. I ran three passes on these welds for a leg of around 1/2" which is the plate thickness.
View attachment 149023