Nathan,
The problem with materials like micarta is the odor more than the vapor. The amount of free formaldehyde released is small. You would have more worry with many other formaldehyde sources ,like insulation, adhesives, and particle board.
Desert ironwood, sucupira, micarta, and some other woods smell terrible when grinding. An organic vapor filter will greatly reduce that, but it is the particulate, not the odor, that is the danger. Good ventilation, air exchange, and particle filtration/removal are the way to deal with 99% of the materials we use.
The Aircap2 was sold by woodcraft (and others) and was somewhere around $180. I did a search and it says they don't carry it anymore. I know I have seen it ,or a similar cap, on the shelves, so they probably carry a next generation model or a similar product.
A few general notes on particulate matter:
Just keeping it out of your nose while grinding won't be sufficient protection. You need to get it out of the air, and off the surfaces in the shop. That means a dust removal system of some sort....and regular vacuuming of the work areas.
Harmful particles, like G-10, should be carefully blown off your clothing outside, and cleaned up around the grinder before you take the respirator off. Your pets, children, spouse, and anyone else who visits your shop are at risk from the airborne particles drifting around for hours.
Try this - When done for the day next time you are working in the shop, place a clean piece of glass on the bench near the grinder. Close up and go have dinner. Come back tomorrow morning and wipe a finger across the glass. That is what fell from the air overnight. If you work in the shop and only wear the respirator when the grinder is on, that is what you are breathing the times you aren't wearing it. Removing the dust from the air and grinder as it is created is the best way to deal with this.
Ignoring the risks of particulate matter with the "I've done it and it didn't make me sick ...." line is just dodging the bullet. Particulate damage to the lungs is slow and sneaky. It waits until you are older and may not even make knives anymore to ruin your life. Lung transplants are possible, but expensive. Best to avoid the need for one.
Stacy