Stu, GO FOR IT !!! Tape the formica, set your fence and blade, make your cut. A good 60 or 80 tooth carbide blade would be best. 40 teeth may be ok if it is a new blade. If you are worried about heat build up in the blade, make one or two cuts and go have a cup of coffee. Then go make your last cut with a cool blade. Check the holes where the mounting bracket was screwed on. If they expanded or caused a splinter from being tightened, smooth or lightly countersink the holes so they don't catch the edge of the table as you make your cut. Epoxy or glue on a matching trim piece to hide the plywood edge, finish it and enjoy your new "elbow" room.
A thought, an "old timer" I know waxes all his tables, saws, router, planer, jointer, etc. so everything slides nicely.
Just some thoughts
Phil