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Did you say that the saw motor isn't a 110-220 motor? What's the HP of the saw motor? Sounds as if in reallity you have a 110v, 20 amp. circuit feeding the shop unless the motor on the saw is over 1 1/2 hp you should be alright. My 1 1/2hp bandsaw draws 14 amp. @110v. Check the motor out, if it's 110-220 a simple moving of jumpers or leads to switch from 220-110 might be all you need to do. You aren't going to be running more then one machine at a time. Maybe a small shop vac with the saw and a light. I and probably a lot of use worked out of a basement shop for awhile with a 20 amp 110v circuit.
Either way the cord will save you a pretty good piece of change and you probably learn some stuff on the trip.
It sounds like you might not even have a grounding conductor going out there. Might not be a bad idea to look into some GFI protection out there whether it be replacing some of the outlets or getting a three way with the GFI built into it or maybe having a GFI breaker replacing that circuits breaker in the panel.
http://www.homedepot.com/h_d1/N-5yc1vZ1 ... ogId=10053

No the saw is 3HP and will only run on 220. I just got it wired yesterday with a long 10/3 cord running out the basement window to the shop. Kind of a pain, but it works. My stuff is only there for a few months, until I find a place with a shop down in DC so it wasn't worth burying a line and rededicating the circuit. In any event, problem solved.

Have fun making saw dust.

Joey

I ran a 75', 6/3 cord out my basement window to my Laguna for the first few years I had it, and it ran great.

Bob