I have a 2hp Griz collector, it does a pretty good job of keeping the dust out of my shop. I have 4" lines going to every piece of equipment as well as my work bench. I still use a shop vac for the floor because there is still a bit of dust floating around from rasping, hand sanding and such.
You are wise to wear the respirator, a large number of us old bow makers have developed an allergic reaction to several types of wood dust, in my case just about everything but pine.
My collector is big and powerful but sounds like a B-52 taking off when it is running. Consequently I have installed it in an adjacent room to my shop with a heavily insulated wall in between so I don't have to listen to it.