I think it is a good idea to take the guard off and rebuild the assembly on the bench. That way you can check for squareness (flat surface plus a pair of engineer's squares and check for wobbles and cracks of light, etc.) When that's 'known good' you'll be able to see how the guard sliding mount arrangement is working in the saw: fit it back in place; drop it down and put a straightedge along the mounting and check for parallelism with the slot in the table.
Then lift it a few inches and repeat: not quite so easy to check, but you can see if it's twisting in use. On mine, the guard isn't perpendicular to the table under high tensions. It's basically because the frame isn't strong enough to cope with the twisting forces (I'd expect all small bandsaws are similar, as they're all basically the same construction method). I've fettled the machine so that the blade is as square to the table as possible - important for cutting tenons, etc., but it means it diverges from the alignment of the guides! So, at different depths of cut, the guides can rub or not.
I've decided I can't win on this. The workaround is one of two choices: either (a) set the guides up for a cut of, say 3" as a compromise, and accept it will be wrong for bigger or smaller depths of cut, or (b) adjust it every time.
I don't have a "general purpose" blade, so I tend to go with (a) for resawing and tenoning activities, and (b) for small blades, where it matters: it's important with small blades to get the rear guide just right, as it keeps the teeth of small blades from being fouled by the side bearings (which will quickly blunt them). The rear guides (above and below the table) support the cutting section of the blade, and that's more important using small blades than big, because the blade is more elastic and easier to distort.
Note that considering twist, the blade guard alignment has to be good, but doesn't have to be perfect. One of the advantage of Ian's blades (TuffSaws) is that they have a good set on them (the spread of the teeth) compared to the thickness of the blade material. This makes curve cutting easier, but also means that the teeth are not guided by the rest of the blade in the kerf - at least not as much as with poorer quality blades. I've found it far easier to eliminate drift with TuffSaws' design than with the ones you can buy retail.
Hope that helps.
E.