A simple dust-deputy setup is worth a lot. It helps the shop vac as well as makes keeping things clean easier. The smaller ones work great with even a smaller shop vac. As I have recommended in other posts, if possible, vent the shop vac or blower outside the shop. That keeps even the fine dust out.
The basic plastic dust deputy tops that fit a 5-gallon pail or metal bucket are less than $50 now. The all metal ones are not expensive either. There is no reason a knifemaker should not have and use one. I have one attached to every shop vac in the shops ( four, IIRC.) as well as the main dust collector.
Since most of us use PVC pipe and the standard flex hoses on out vacs, putting an inch of water and soap in the bottom of the dust deputy bucket is wise. If you wet grind, it will collect there on its own.
Equally important is regular maintenance of vacuums and dust collectors. In a hobby shop, maybe dump everything once a week. In a busier shop, daily. Blow or shake out the filters and if venting inside the shop, use a pre-filter on the main filter. HEPA is nice if it works for your type of knifemaking. It clogged so fast on me that I would have to stop to dump the vac and shake/blow out the filter almost every hour when doing handles. The dust-deputy and venting outside solved that. I just use a pleated filter only, now.