Table saw conversion to 220v but 4 wire outlet

[Ole Anderson]

The breaker protects the wire, not the saw. There's no need to replace the breaker with a smaller one. Since it's a four wire circuit, the L14 or other four wire design is required. Since it's "normal" intention is to be a dryer circuit, leaving it as-is (which is just fine) preserves that for future owners.

I'm with Jim on this one, no need to go into the breaker panel.

[Mike Cutler]

I'm with Jim on this one, no need to go into the breaker panel.

Absolutely!!!!
There is zero need to go into the panel, swap breakers, or modifying any existing wiring. All the changes will need to be made on the cord, coming from the saw to the receptacle, and those changes are outside the code. It stopped at the receptacle on the wall. There will be no wire connected at the neutral lug, on the plug. That existing receptacle has to have the Neutral conductor connected to the neutral post/lug inside the box.
Paul has the correct answer for making up the new power cord.