FWIW, the show’s website has a FAQ section, where Mike Rowe talks about safety, and the often cavalier attitude towards it on the show.
I suspect that there is a routine discussion, when the crew shows up on site, asking if this, that, or the other safety equipment is normally in place. And if the worker says they don’t normally use it, it comes off.
How does the TV production company get their insurance company to allow their talent to flout safety guidelines?
I think things are a little more sanitised and safe than the host is letting on.
Thank you for correcting my date and memory.I now understand pop was in the throes of complying with the zeal of a new bureaucracy.
There’s part of your answer. Really old machines don’t always have to have modern safety guards installed. It all depends upon the type of machine and the work being done with it, and how often it’s being used. Not having seen the episode in question, I can’t comment on the equipment in it, but from the description, the bandsaw doesn’t sound any different than any I’ve ever used, and I can assure you that in at least a couple of places I’ve worked, OSHA has been in there to inspect the place, and if the bandsaws were in any way improper, they’d have been fined. (Certainly they racked up enough OSHA fines in other areas.)
WWTTTAD? What Would Tool Time Tim Allen Do? 
Likely lose a hand.