I would like to get tooled up to gang rip the cheeks of a tennon in one
pass. I figure that I'll need two flat top grind rip blades and a spacer to
go inbetween.

I would rather go with full kerf blades as I figure I have the HP (3) to
push them and I find them to be more stable.

Two affordable options are available from mcfeeleys:

http://www.mcfeelys.com/product.asp?ProductID=LM72-10R
http://www.mcfeelys.com/product.asp?ProductID=LM72-10

The only differnce seems to the the teflon coating. Is that worth the extra
cost?

Are there any other midpriced 10" FT grind, 1/8" kerf blades that I ought to
consider?

Any ideas of how to set up a spacer? I don't know of any local machine
shops. for lack of a better idea, I could use a two blade stabilizers and
some dado shims.

Does anyone know of a source for a better spacer?

Regards,

Steve