Near the 5/8 inch arbor hole you see two flat washers. Their outside diameter is right at 5/8 inch. Their inside diameter is just over 1/4 inch. They will make a nice center for the blade to hold it in place.
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I will say this though your post has inspired me to put some drawers under my latest creation to hold my ever growing saw accessory collection in.
This monstrosity:
http://i.imgur.com/QWdQ7.jpg
I can only store two blades on it as of now. Oh, and I picked up the saw closest in that picture at a garage sale, with blade attached for $20. But when I did it looked more like this:
http://i.imgur.com/jjOer.jpg
Some diamonds come rougher than others I suppose. I don't think you had to put all the work into your find that you did Phil. Now if you'd made a leather wrap for it out of an elcheapo jacket you'd found at another yard sale ... well, that'd be another story. Still excessive but I'd have been more impressed.
I keep my Diablo blade wrapped up in an old terry towel and I feel I'm doing pretty right by it.
Simplify, think differently, and keep the faith!
I just finished this project:
http://i.imgur.com/Y0kAC.jpg
I got it for $5 at a flea market. Though it didn't look exactly like that when I picked it up if you know what I mean. I have the eye. This turns out to be a good one. A North Bros. Yankee No. 993 Internet search it to see what I mean.
Oh and for your next article consider this item:
http://i.imgur.com/DUMen.jpg
I got mine from the bottom of a box of random junk I bought once but it sure looks easy enough to make. Easy enough that is if you have the idea to do it. In a word it is brilliant. I use mine all the time! Just wrap your handle with electrical tape, that is how I got mine, I only dipped it because I had to use up some dip.
Scrap of wood and a broken hose clamp band now go to it! And hit them sales. You never know what you might find or learn. Just meeting random folks has its merits as well.
http://www.instructables.com/id/A-Precise-Table-Saw-from-an-Electric-Hand-Saw/
I've used a scrap of plywood with a circular saw screwed to the bottom of it and it does work. I suppose if I had to I could setup a workshop in a closet. No matter how much space one has I think we all feel that is what we're doing anyways. I know I feel pressed for space in a 20x20 garage. I know I shouldn't but I do anyways.
It is never how much you have but what you do with it that counts so the best of luck to you with whatever the future holds in store for you.
BTW, nice and cheap blade!