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Bob May
 
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I too would not worry about the cut in the bed as small parts can be put
elsewhere on the table while large parts won't worry about the hole.
The slop is something that you need to look at. If the dial moves in and
out then it is just a matter of taking up the slop in the bearings with the
adjustment system on the shaft. If the dial doesn't move then the nut
underneath is either worn (easy to replace) or needs it's adjustment done,
depending upon the machine.
From the description of the scraping, I'd suspect that the machine is pretty
well worn and will need some TLC to bring it back to specs. I'd check it
out with a dial test indicator to find out what else is wrong with the
machine.

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Why do penguins walk so far to get to their nesting grounds?