I made my own cyclone for cheap following the video linked below. It has saved more vacuum bags than I can count! It seems to catch almost all the dust and chips. I was really impressed for a cheap DIY solution. Not sure if he mentions this in the linked video or if it was a follow up video but you will probably want two buckets on the bottom to stop it from caving in if the vacuum hose gets plugged.
Good luck and welcome to the group! I remember how exited I was when I bought my LongMill 30x30 a few years back.