You can get very good filters for shop vacs. If you are restricted to an apartment I think a high volume shop vac with a HEPA filter and a simple hood set up should get 80% od the nasty stuff collected for you. I doubt you will get enough volume of air flow to be able to get the really small dust. It comes off the wheel with enough velocity that it is quite difficult to capture. The setup in the picture Glen posted is not that far from my setup, but mine looks a little more farmerish and not that many buffers. When controlling dust, air flow volume is everything. So when looking at shop vacs look at the one with larger diameter hoses and high airflow volumes.