Aaron,
I did something similar with my contractor saw. I got rid of the legs and mobile base, and built a base with storage. Several of the magazines have plans for this sort of thing. Be sure to use levellers.
I made a separate outfeed table with a large top (4x5) with four legs, also on levellers. Underneath was open where the motor hangs, so it can pivot when you tilt the saw. I then put a full extension sliding drawer under it, so I could fit some of my benchtop tools (disk sander, grinder) there with easy access. Again I put it on levellers so I could adjust everything so the tops are co-planar.
I left a 4 inch gap between the table saw table and the extension table. I did have to route some runners into the extension table to line up with the miter guage so my tablesaw sled would work. But the benefit of the gap is that I can use it break down plywood 4x8 sheets by using my battery powered circular saw. I align the cut I want over the gap. Both cut pieces are fully supported by the tables on either sides.