I have used a water dust collection system similar to the one you mention for dust generated when sanding sheetrock mud. I use the TP Tools Vac-50 Hepa filter with my blasting cabinet. It isn't cheap, at $329, but your health is at stake. You do NOT want to breath in ANY dust coming from ANY blasting cabinet. It is quite deadly at any level. Your health isn't worth trying to save a few bucks.