It's been done. The danger is not "perceived", it's real. It's well researched, well documented. As suggested above, look up what the pros have to say about it.
Just because your uncle Billy Bob did welding and never had a problem doesn't mean the danger is made up.
I did not mean to use the word "perceived" as a value laden term, and was rather using it to distinguish between what someone thinks is happening as his own conclusion, as compared to simply believing what another has stated.
Missed that link you (Captain13) posted for some reason. But the analysis there is a bit simplistic. For example, with the battery disconnect they still show 12V being supplied to the ECU terminal, when in reality the battery can supply no voltage to that terminal, since it is hanging in the air, and the negative terminal is not connected to anything.
Also in that same (right hand) drawing, the welder can contribute nothing to the ECU because there is no return path for current flow with the battery disconnected.
BUT the right hand drawing actually does say something if you ignore the voltage values shown. Which is: If you disconnect the battery negative terminal, you separate the ECU from the welding circuit voltage. So this is the best one can hope for.
BUT there is still a possible risk, as if anything is connected between the positive circuit wiring and frame ground, then there is still risk of applying a reverse polarity voltage to such components, wherever they may be. This risk is actually there independent of the battery.
On the other hand, if one ignores the voltages show in the other (left) drawing, and just looks at the voltage developed across the welding arc, and ignores the effect of resistance in the frame between the ground clamp, and the welding arc/negative battery terminal, there is also an important message. The welding arc voltage will either add or subtract/add (depending if AC/DC arc) but regardless, the net voltage seen at the ECU 12V terminal will be arc voltage +/- battery voltage.) This cannot be a good thing.
Conclusion is: Disconnect the negative battery terminal if you are going to weld on equipment which has electronic circuitry.
Works for me...although with no electronics on any of my tractors, I do not think this is a personal concern, but I guess it could be...
Edit: I tried to add the image from Mark's link, but failed for unknown reasons...
2nd edit: It was captain13 that posted the link with drawings I was referring to.