It doesn't have a drawstring, but does have eyelets around the bottom to secure it. I have it on a Ranger 8 and it fits very well.
It will not. See Lincoln part # K886-2.
Are you lookin for a canvas cover for a K1170 welder? We really don't sell one that fits exactly but you could try the K886-1.
The dimensions that we have for both of these products on our website are OPEN sizes so that you know if they will fit the welder that you need to cover. I have attached both specs that you can compare.
The K886-1 welder cover has dimensions of: W-9.5", D-14.25", H-7.25". For your requirements you could purchase the K886-2 because it almost meets your required dimensions: W-22", D-43", H-31".