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I'm pretty sure this configuration is safe and it never felt as squirrelly as it looks. The only issue I ran into was occasionally the workpiece would push the throat plate down and snag on the lip of the table preventing me from pulling back out of the cut. Which forced me to stop the saw a few times.
I'm a freak about safety so if anyone thinks any part of this is unsafe I'd love to start a dialog about it. I feel like I can always strive to be safer in the shop!
Or possibly just share some of your own frankenjigs.
I've had a few 1/8" router bits snap off while doing inlays. Puckered real tight every time, even though they just stuck into the wood