You are correct itís old but still works just looking to improve it and the fence is not loose just was seeing if I can improve it not just the fence but the saw in general.
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My first Craftsman table saw was purchased in 1960, high school graduation gift money. I've owned 45 other since then, still have 4 of them which work just fine. The fences have been replaced because "The fence is the heart of the table saw". Not the motor, not the blade, but the fence. WHY? Because it is the most used control/device on the table saw, which is used primarily for ripping, hence it's called a "rip fence".
There was a period where Craftsman made crappy fences that locked on the both ends of table rather than on the front rail as the newer ones do. The Biesemeyer is the workhorse of the industry when it comes to fences, virtually indestructible and as accurate as you'll ever need. Granted, it won't do things an Incra will, but those operations are very advanced. FYI, I own 2 Biesemeyer fences on 2 different table saw and love them. My other fences are Delta Unifences and I like them a lot also. They are completely different in design with the exception they lock entirely on the front rail. They can be adjusted easily to align parallel with the miter slots which is the "reference standard" on the table saw, because they never change position and has no means of adjustment. like the trunnions or then fence.
If you want to "improve" that saw, by all means get the best fence you can afford, because that is about the only thing that matters. A bigger HP motor, may help if you are pushing the limits of cutting depth. A better belt and steel pulleys will reduce vibration. An outfeed table is the single most important safety accessory you acn ever add to a table saw, again my opinion. WHY? Because it supports the workpiece and the cut off after making the cut, so there is no need for you to reach around or over a spinning blade endangering your self trying to catch them before they fall to the floor. That is a big NO-NO!
A splitter or riving knife probably came with the saw and is part of the blade guard ion some saws, like my older Craftsman 12" ones. A splitter is another very important safety device that will all but prevent kickbacks. If you have one put it on the saw. I removed mine for many years because the blade cover was always in the way and I couldn't deal with it. Then after a few kickbacks.
I drilled out the plastic cover and anti-kickback pawls and just left the splitter plate remaining. It works like a charm now.
Another important safety accessory is a properly design push block. A push stick does only one thing, ... push forward. However, a push block can also hold the work down and in toward the fence when used properly.