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You just got some good advise from EJB.

Will your plan work for what you discribe? Yes.
Will it work if your needs expand? maybe, depending on how much you add.

Here are some suggestions:
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I also have a Grizzly, model 1022, and find it to be a well made saw that is very acurate, easly setup and that it holds alignment well. For someone who is thinking about buying a table saw I would...