Replacing the main breaker box at this time isn't an option, unless I want to skip getting a new saw, then there is no point to this little exercise! (well, except for having a new, possibly safer main breaker box)
At this point I'm really leaning towards putting a sub-panel in the shop. I want to relocate the wire running to the dryer out to the shop and use it as the feeder cable. The new sub panel would have a 50 amp breaker for a main disconnect, a 30 amp breaker feeding new wire run to the dryer, a 20 amp breaker feeding new wire to run the table saw, and possibly a few 110v circuits for various outlets throughout the shop. Any major problems with this plan? I've looked at the cable that currently feeds the dryer, it is about 3/4" thick, round, grey and not labeled - how best to identify it for sure? Would this plan require any changes inside the main breaker box?
Just as a disclaimer, I would have everything checked out with an electrician and so on, at this point I'm just trying to determine if this plan is feasible so I have a rough idea of the cost.