[Crex]

David,
I'd suggest just spending that money on a used port-a-band metal cutting bandsaw. If you watch you can find a good used one for under $200. Do a search on building a stand/mount for it here on KNF. Very simple, small foot print, and a much more durable long term solution. I have three that I use - one on a stand that mounts in my vise (for portability), one in original condition for general cut-off work, and one as spare. Most I paid was for the "Deep Cut" Milwalkee(sp) that I made stand for - $200 used. Very solid tool.
Converting a wood saw seldom works out very well and you won't really have the torque/power you need to cut steel very well. Guides and bearings weren't built for cutting metal especially in the thicknesses we use for knife blades. Will just add to the frustration issue.
Also, another plus, blades are easy to find and replace on a POB.
Save the wood saw for handle material.