Shop Vacs have never been a good solution in my shop. I have one of the large ones and have never been satisfied with on a tool. I've finally gotten a setup that works for me, using a 2 hp HF unit. I got two on sale, one for the garage where my planer, band saw and jointer live, the other for my small shop. The shop unit has a canister filter, the one in the garage just uses a bag because i can roll it outside when in use. Both use flexible 4 inch hoses and both have a 30 gallon chip collector inline as well. Before that I'd cobbled together a home brew DC, but was never satisfied with it. With all of that, I still wear a mask when cutting in the shop, and for some time after.
For small tools, I have a 2.5 inch hose with reducers if needed on one end, and an adapter to 4 inches on the other. I just drop the adapter end into the DC's connector when I need it.
Sawdust is very bad for your lungs so I suggest you consider getting a real DC system rather than spending money trying to cobble something inadequate together. By the time I got my home brew system working OK, I'd spend nearly as much as both my HF units ($ 187 in sale with 29% coupon at 2 separate stores). I was able to use the 30 gallon fiber drums from my old setup, which saved some. I had throat cancer years ago and I just don't want to mess with sawdust.
Although I understand about budgets, once my wife understood what's at stake, she insisted I get the good stuff.
The more I do, the less I accomplish.