I need to make a precise cut of wood to be 24" long and only 4 1/2"
wide.

How precise? What's it for?
Right now all I really have is a 10" compound miter saw (as far as saws
are concerned) - which obviously won't do.

I did just pick up a very nice Porter Cable router!

So now I am sort of stuck realizing I am going to need to buy yet again
another power tool

And that's a problem exactly how? g
I am avoiding buying a table saw because I don't want to get the
cheapest one ($99 Ryobi). I would much rather save up and buy one later
on that is nicer.

Good plan. Buy good tools, and you cry once when you open your wallet.
Buy crappy tools, and you cry every time you use them.
I have considered buying a circular saw ($50 Skil) that has an
Accu-Sight. Along with that I will setup a fence. Do you think that is a
good plan / option? Any other tips that you guys have for me? This is my
first wood working project and I am anxious to get started with it!

Depending on how precise you really need it, the circular saw may work
for you (make sure to clamp the wood down securely), or you may be better
off finding a buddy with a table saw who can cut it for you. Also, if you
buy the wood from a real lumber yard (not Home Depot, Lowe's, etc) they
will be able to cut it to size for you, for a fee of course. If you could
provide more specifics about what you're using this board for, we could
advise you better on the degree of precision needed and the best way to
achieve it.


I am going to be *trying* to make a foot stool. The 24" X 4 1/2" length is
for one of the sides.

There will need to be a top that rests perfectly on top of it.

Adam

IF you can get it close with a hand saw/jib saw/sawzall/whateverthehellsaw,
then IF you have a straight table edge, you can clamp the material down to
the table and use a trim bit in your router to true up the edge.

I would really suggest that you do NOT, repeat NOT use the kitchen table for
this step.

Or...see if a friend can make the cuts for you...

or check Craigs List in your area.

Mike