Question about dust collection unit

[Chiro75]

Well, my new shop is coming together very nicely. My BIL came for a visit and gave me my FIL's old Jet dust collector. I know NOTHING about these things. It's about 4 feet tall, probably. Looks like a vacuum with a big bag on it. What's the best place to place it relative to my dust-creating work? I assume underneath, but here's why I'm asking! Also, do I need to do anything to it to make it work for steel, Micarta, Carbon Fiber, G-10, etc? Any preventative maintenance, cleaning, filters to worry about, etc? Thanks in advance for any tips!