I don't have enough time to give a detailed response or to help you with any calculations, but here is what I did once before. Please forgive the extremely rough sketch as I just threw it together in a minute.
Capturing fumes is all about the "capture velocity". I don't recall what the velocity is for welding fumes, but you are on the right track with your thinking. Now, here's where I think my idea will help you:
Construct a hood to cover the entire 10'x10' welding area, but put a plate in the bottom of the hood so that most of the opening in blanked off. You will have to weld straps or come up with a way to support the plate. This will leave you with just a perimeter slot around the 10'x10' welding area. How big should the slot be? I don't know off hand, but probably 2" wide. You will need to consult an Industrial Ventilation handbook for the cals.
With this setup, you only need to have enough capture velocity across the slots and not throughout the overall 10'x10' area. This dramatically reduces the total CFM! Any fumes that hit the plate will migrate horizontally and get sucked up through the slot.
I put a light on the the one I designed because the hood was blocking the overhead lighting.
If you have a door open or a fan blowing, etc, the fumes may be blown out of the welding area and not get captured. Likewise, if the hood it too high, the fumes may escape before being captured by the slot velocity.
Hope this helps!