Quench and tempered (Q&T) steels are widely used for a diverse range of applications, particularly in the mining and defence industry, where wear and unconventional loading are common. Furthermore, they are particularly prone to hydrogen assisted cold cracking (HACC), imposing a more careful selection of consumables and requiring a comparably higher welder skill level to fabricate defect-free structures. Therefore, the cost of fabrication of welded structures is higher when the more preferred welding technique of shielded metal arc welding, SMAW, is employed. The introduction of the modified pulsed arc mode of depositions, a variation to pulsed arc deposition, has improved the productivity rates and can be utilised by welders with a greater skill variations. In this study, full-strength butt welds of Q&T steel (AS/NZS 3597 Grade 700), with the thickness of 20 mm, are fabricated under a high level of restraint using both conventional SMAW and modified pulse gas metal welding (GMAW-P). The study investigated the economic feasibility of the two deposition modes and the propensity to cracking for the welded joints under high restraint conditions. Utilising the modified GMAW-P resulted in 63% and 88% reduction in the ‘Arc-On’ time and the total normalised fabrication time, respectively. However, strict controls must be implemented, due to the increased propensity to lack of fusion-type defects, to optimise the welding procedure and mediate for such defects if GMAW-P is to provide a techno-economically beneficial alternative to conventional SMAW when welding Q&T steels.