I take it the three #6 wires are two hots and a neutral? If you don't need the neutral then cap it off, they have wire nuts that big, in a pinch I wouldn't gripe about 4 or 5 layers of a good quality black tape.
Seeing that the box or sub panel is plastic and if you ever needed a 120 volt circuit then you could get a neutral buss to mount in the box at a later time. You can add the neutral buss but it MUST be isolated from the ground.
From your other replies everything /seems/ to be ok. I would toggle that 120/240 switch again or a couple of times and see if it works right or not, if not then the switch /could/ be faulty. I don't have the diagram to your cutter. I suspect something in the cutter now, maybe that switch.
Ok, I just drew a diagram and if your plasma cutter switches transformer windings from series to parallel (as Keith indicates) then the switch can be faulty and switch so the cutter is only using one transformer winding.
You can see this at
The fault condition is if only one of the sliders in the switch moves. If only the top slider switches in the 120 to 240 position then you would have a short circuit. If only the bottom slider switches in the 120 to 240 position then you have the single winding @240 volts issue. You would have to take the switch out and continuity test it to prove this with the power off. This is only valid providing your plasma cutter switches the windings in the fashion I drew. Whew!
Thor