I actually tried this last year when I needed to make large box joints on my crapsman ts and couldn't afford to buy a dado. I found a set of
7 identical B&D 7-1/2" steel blades and stacked them with washers and poster board shims between them to get the right spacing.I cut 240 3/8" box joints with it. When I first started, the notches came out fairly nice requiring minimal clean up. After about 180 cuts, I had to do moderate clean up of each notch bottom with a chisel.
After I finished I just threw away the blades since they only cost me $4.99 for the set.
Would I do it again? ONLY if I HAD to cut dados and HAD no money. They made such noise I was scared out of my gourd the entire time.
Tillman