Hi levon,
IMHO, the DC should be first. This will hook up to any or all of your tools. It will help keep the amount of dust down. The amount will vary pending of what type of DC you're using, bag or canister type. An air filtration unit won't do much good if you can't control the dust at the tools/machines.
As for hp, a good ol' fashioned shop-vac works just as good. My DC unit is around the 1 1/2hp - 2hp range. I picked it up from HF. Does a decent job, quiet but, it's the bag style.
The air filtration unit, as explained above, is only to clean the air inside the shop. It's not a dust collector. Think of it as a respirator but, on a larger scale. It cleans the air you breathe.
Just my thoughts. 
__________________ Ken
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Last edited by Hamlin; 07-04-2009 at 08:17 PM.
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