When I was taught to arc(stick) weld over 50 years ago by my grandpa and dad who were both industrial weldors, it was, starting amp settings were to be ~75% of the rod diameter. Then you went up or down by the way the weld reacted, lower if there was an under cut at the bead, higher if the bead was 'proud' of the work.
So for your 1/16 rod - .062 x .75 = .046 or 46 rounded to 45amps, since most welders don't have that fine of adjustment.
The size of the bead has more to do with the speed of travel, but if you have to great of distance from the rod to the work more of the rod will be vaporized into the slag and less penetration into the weld joint. To me the easiest rod to learn with is the ER7014. I've taught a lot of guys to weld using that. It's more forgiving when learning and still plenty strong for everyday work. Most welding stores have it in 1 pound bundles too, at least around here.
So for your 1/16 rod - .062 x .75 = .046 or 46 rounded to 45amps, since most welders don't have that fine of adjustment.
The size of the bead has more to do with the speed of travel, but if you have to great of distance from the rod to the work more of the rod will be vaporized into the slag and less penetration into the weld joint. To me the easiest rod to learn with is the ER7014. I've taught a lot of guys to weld using that. It's more forgiving when learning and still plenty strong for everyday work. Most welding stores have it in 1 pound bundles too, at least around here.