dino9832,
You have received some good recommendations already. As others have pointed out, there isn't a good way to control the cuts you described. There are definite ways of making those cuts to avoid. Having that 1/2" piece between the blade and the fence is as recipe for a kick back and/or other problems on a Table Saw.
I do have one question for you. Which model Mark V do you have? This is important since you have added Roy's suggestion of a Riving Knife to your shopping list. The Riving Knife does not fit the Mark V with the original table system otherwise known as the Mark V 500 as noted on the catalog page. I would hate to see you buy something you could not use. It will fit the Mark V 505, 510, 520 and 520S. It will also fit the Mark 7 and Mark 4. Besides the Mark V 500 it will not fit the Mark 5 (the original name), Mark 2 or Mark VII (from the 1960's). As you can see there are and have been a number of Mark Series tools. For the Mark V it is the Table/Carriage/Fence system used that makes the difference between the Models. If you do not know which model you have the pictures below may help you identify yours.
Below is a Mark V 500. The Fence attaches to the Table by an "L" shaped bracket on the table front and clamps over the back edge.
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- Mark V Model 500 i.jpg (11.94 KiB) Viewed 11862 times
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Below is a Mark V 505. The Fence attaches to the Table with tubes front and back.
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- Mark V Model 505 50th Anniversary.jpg (17.73 KiB) Viewed 11862 times
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Note that the Mark V 505 above is the same Table/Fence system as the Mark V 510 below except the 505 does not have the Floating Tables, Connector Tubes or Adjustable Legs.
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- Mark V Model 510.jpg (12.65 KiB) Viewed 11862 times
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Below is a Mark V 520. The Fence attaches to the Table by extruded aluminum rails front and back and has a wider Fence. This is also known as the Pro Fence System.
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- Mark V Model 520.jpg (12.21 KiB) Viewed 11862 times
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It is the Table system that determines which model you have even if it started out as a different model. For example, if your Mark V says it is a Model 500 but a previous owner upgraded it to the Model 510 Table/Fence system it is now a 510 and accessories should be purchased for that model when there is a difference.