OK, so I started adjusting the guides, bearings, etc. but I couldn't get the blade to track properly.
Problem is, the wheels were out of alignment with each other. So I disassembled the thing and found that the alignment pins at the joint where the top and bottom of the frame bolt together were slightly off. I ended up taking out one pin, correcting the joint alignment, and bolting it back together. The blade tracks properly now.
Needless to say, I'm not impressed with Delta's little Q.C. lapse - two hours wasted troubleshooting.
Now I have to reassemble and readjust everything, then fire it off to see how it performs...