Motor starting is likely to be your main problem, you don't say whether your 2hp motor is single phase or 3 phase.
If it is 3 phase it will be a lot easier to start, but as the rest of your loads are likely to be single phase you would have to spread them fairly evenly round the 3 phases for best results.
I would be inclined to over size the alternator, perhaps 10kVA, but you can probably manage with about 10hp on the engine.
10hp and a 10kVA alternator will manage a reasonable size welder. You could consider a separate welder generator as it is not likely to be used often.
It depends a great deal on the type of alternator. A good stiff alternator with voltage regulator of 4kVA might start a 2hp motor off load when a poor 8kVA wouldn't
Motor starting and welding present a reactive load which will tax the alternator but are not so demanding on the engine.
Heating loads are the ones that will mop up the engine power.
Flux