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Two, Did you know that a table saw cuts aluminum? Even with a stock carbide wood blade, just go slowly. I personally have cut INCH THICK plate this way, it takes about twice as long to cut but have had no problems cutting aluminum this way. ($500 Table Saw > $5000 Band Saw in versatility)
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I really wouldn't recommend this. The benefit of a band saw is that the cutting force is into the support, so if you twist the workpiece, it isn't going to hurt you, just bind the blade. Yes... a table saw CAN cut aluminum. I see people do all sorts of stupid stuff with table saws though, and at the end of the day your garden variety table saw can throw a 2x4 through sheet rock if it kicks. With 1/4" aluminum, it can likely get hot, making your first instinct to pull your hands off the workpiece... and now you have a several pound projectile taking out the kid who isn't looking. I'm sure you're perfectly capable of completing the cuts safely, but I wouldn't want this to be something your average high school student attempted.
To your other point though, a "table saw" like device is extremely useful for cutting down large flat thin stock (plywood, plastic, sheet aluminum) and a gantry CNC mill is an amazing tool for that. Our team's sheet needs were met with me and my home table saw, but next year we're building a CNC gantry mill (Kronos) for ~$6000-7000 that has a 4'x8' bed. If you have this, a table saw isn't required. It may be quicker for some jobs than jogging the CNC, but at least you can do everything on the CNC.
Finally, I too wish we could just "get used tools". Most school districts have strict policies about procurement though, so you don't have the option to grab things off Craigslist. If you had a sponsor committed to donate X dollars, they could purchase it for you and make an in kind donation, but it does get a little more complicated.
+1 on the Cold Saw > chop saw as well.