All of this input has been incredibly helpful, and I'm probably going to use almost all of it. I trust, based on all the input, that there is no such thing as overkill, but here's what I'm doing.
I bought a barely used HF dust collector that I've installed just on the other side of the cinder block wall. As the crow flies, its only 6 feet from my shopsmith. I will run 4" pipe to the other side of the wall where I will locate a cyclone. The pipe and flex tubing will connect to my shopsmith and all of its accessories, with another pipe and tube feeding a routing table and small drill press. On the other end of the shop, (my space is long and skinny....actually measures about 8 feet wide by about 15-20 feet of useable space....) I have a 12 gallon shop vac that I've also fitted with a small dust deputy knockoff cyclone. I can roll it out of the way and under my very long work table that spans the length of the shop. I also have a 3m respirator mask. This is all under construction as we speak. I've run all the wiring: added 2 20 amp circuits, and the electrician shows up on Monday to put it in the box and check my work so I don't blow my fool head off.
Last question: Have any of you had ANY experience with a cyclone that is basically a lid with two 4" holes, the incoming piece having a short run inside that directs the flow sideways in the bucket? The only compelling case for it is cost. The other alternative is the much more expensive dust deputy XL which runs about $250. At my woodworking supply store here, they only sell these lids as a cyclone alternative, which surprised me.