The best resource for general info on dust collection is Bill Pentz's website. He repeats himself a bit, and it is mostly about collecting wood dust, but metal dust is mentioned a little as well. Metal dust requires a higher air velocity to keep suspended than wood, which translates into a bit more Hp required to keep the dust from settling out in the ducts. We have not installed dust collection in the metal working part of the shop yet, but I've put in a lot of systems in the woodworking area over the years and learned a few things the hard way.
Just my opinion based on experience, but...I wouldn't bother with a dust collection system that didn't have a cyclone before the fan, and I would never go back to filter bags. The fine dust just goes right through, even with the "best quality" American made custom bags. I would not install anything less than MERV 15 cartridge filters.
We have cyclone dust collectors in the shop made by Woodsucker, Oneida, Grizzly, and Penn State. All have been retrofitted with MERV 15 cartridge filters having at least 300 sq. ft. of filter material per 1000 CFM The best "bang for the buck" is Penn State, if you don't mind a well designed import. Their cyclone systems come with MERV 15 filters. The Grizzly cyclone seems to be be a little more efficient at separation, but the less said about the filter that came with that system, the better. Clearvue probably has the most efficient cyclone design, but I'm leery of a plastic cyclone, I've broken PETG, and I would not recommend it for abrasive grinder swarf. And the Clearvue systems are not inexpensive, although compared to something like Torit... Oneida is OK, and they now offer MERV 16 filter cartridges with their systems, but also not inexpensive...Woodsucker is out of business, sadly, the collectors are built like tanks and very well designed for as inexpensive as they were at the time.