"Steve McDonald" writes:
There are 3 wires going into the saw outlet from the panel end: BLK, WHT and
GRN.

No neutral there.

What are the new implications of the WHT wire not being employed? Is it safe
in this configuration?

Yes. The white is not needed for 240v operation.

This cable has a RED, BLK, WHT and BARE wire. It is connected to the
saw wire as such: BLK-BLK, RED-WHT, BARE-GREEN. The WHT wire (from
the breaker panel) is capped off.

This is correct. If you replace the wires from this junction out, you
could add the neutral and have the option of adding a 120v outlet or
two.