Banjo, I don't know how to modify the old one for .055 bands, but if you've got the skills, I'm pretty sure it could be done. I've got the Woodmizer sawmill guides, that allow me to run 1.5" blades, and they are the cat's meow!! Runs straight and fast, seemed to last all day with the bi-metal- 7 degree turbos. I like the wider blade in .045, seems to stay straight and cut longer, faster than a 1.25 blade.
Kojba