I too have one of those crappy saws but I only bought it for temporary use while I am away from home. I wouldn't put an extra penny into it as I don't think they are worth it. Even if you have the grooves machined like Mich did, you still have a piece of crap. The fence is almost unusable, the blade inserts are junk, the scales can't be trusted, and the miter gauge is a joke. One of these saws will get you by, just, if you are patient with it.
I would grind the ears off like Duane suggested, and then build some sleds like Stan did. It should be plenty accurate enough that way. Once you get it to a usable state you could start looking for a better saw. I bought an old Rockwell 10" from a buddy who was upgrading. I picked it up for $100 and then I replaced the fence with an aftermarket one I paid about $270 for which works very well, added a little outfeed table to it and for less than $400 I wound up with a fairly decent saw.
Someone I consider a master woodworker once told me that a master woodworker is not someone who never makes mistakes. He is someone who is able to cover them up so that no one can tell.