If you can get things adjusted like Bdial and the guys above suggest then you are well on your way, even with a "cheap" saw.
A few other suggestions:
1) Don't worry too much if you can't built the camera out of cherry or mahagony. Pine or Poplar would work fine just make sure that you get a varnish finish on everything to minimize the dimentional changes in the softer woods. Poplar should cut fine on your saw, just not as pretty to look at. Go for an ebonized finish to hide the wierd.
2) You can keep all your joints pretty simple. Butt, lap and rabbet will get you there. If you can get your saw tuned up and also build a small cross cut sled then cutting small pieces is pretty safe. You can build up light traps and other right-angle shapes by gluing together smaller pieces. Joints can be re-enforced with either a spline or just drill and counersink some small flat head screws. Finger joints on a cheep, wobbly saw are just going to be light leaks. You can use wood putty on the INSIDE to fill the leaks that do occur.
3) Start simple, consider a sliding box camera design or a tailboard camera design first. No movements other than focus but everything is at right angles and keeps it simple.
4) If you are going to cut rabbets make sure you use a sacraficial fence attached to your standard fence and raise the dado blade into the sac. fence slowly. Also, dado blades push your work UP so you can clamp a second board along your fence such that its edge holds down your work as it passes over the blade.
5) Even throat plates without adjuster screws are adjustable. Sandpaper, rasp and a file to lower the plate. Double sided tape, playing cards and scissors to raise the plate. Get it level and snug. Look around (google for Peachtree Woodworking I think) to find aftermarket plates you can use to make zero clearance inserts. If you have a router and router table you can make your own throat plate blanks from MDF, plywood or laminate flooring.
6) Make a simple box camera as a practice piece. Pinhole lens plate and film holder just slides into some slots on the back with a rubberband or wood wedge to hold it. Look around at
www.f295.org at some of the cameras there.
7) Go to
www.woodworkingonline.com and watch the videos on table saws and joint making. Get the book mentioned above.
7.5) There is a guy here, no relation to me, named Barry Young. He is up north of you in Oregon or Washington (I forget which). Maybe he can give you some guidance too. He makes cameras and accessories.
8) And above all, be careful. If the operation doesn't feel safe and you can't know for sure where the blade is in relation to your fingers for the entire cut, then find a different way to make the cut. You can buy more wood. You can't buy more fingers.