No, the saw takes a bigger blade.
No markings tell me what size it is but I'd guess (without measuring an old blade) that it is a 9". (They made 8, 9 & 10 inch for a short time.)
Also a Sears-Craftsman, inherited from ex F-I-L. Late 50's early 60's vintage.
The 7 1/4 just barley gets down to the table but did cross cut the pipe.
If I was trying to rip sheet stock, I would put a shim under it, something like a piece of paneling or plywood.
P.S. Wear protection, eye, face, & anything else the CHIPS can get at. They are sharp & hot.
Metal Saw - YouTube