Lots of good info so far. In short, you are doing the right thing in making dust collection a priority. Since you are currently looking closer at it you are finding why folks say get the best you can afford. For me this makes sense as the cost of waiting till you can afford your dream system just means more time in the shop in unhealthy conditions. I run a 2HP cyclone and it does well but, I wouldn't turn down better. I run a separate 1HP unit with an after-market filter bag for the jointer as this worked better than a duct run to that position. We don't all need perfect but, we all need something. Keep looking and be ready to strike when the opportunity come along.
"A hen is only an egg's way of making another egg".
– Samuel Butler