A good rule of thumb is to disconnect the battery negative cable and you will be fine. That isolates the entire electrical system from any damage.
The best thing too, is to keep the welder ground lead no more than 8 inches from the weld point and chances are you won't have any ill-effects, even with the battery connected.
About the only damage you could do on a stock truck I can see would be to the diodes in the alternator. On a vehicle with a computer, or an electronic distributor, digital dash, etc, there is a chance of spiking something and damaging it.
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