Dust collection is going to be very hard at this level. The Grizzly G1022 contractor saw does not have any sort of dust collection whatsoever. You will have dust falling out the bottom as well as dust being sprayed out at you from the blade cutting (unless you decide to invest in an overhead blade guard / dust collection). It's just the nature of the beast for most contractor saws (and even many cabinet saws). Some of the more modern designs on table saws will actually have much better dust collection (i.e. Grizzly cabinet saws, Sawstop Contractor, low-end Harvey), but the price for these is at least $2k.

Don't expect super performance from the 650CFM wall-mount dust collector. However, some dust collection is better than no dust collection. You may want dust collection for the router table. It's a good price for that model, especially if you can get it locally without shipping charges.

If there is still some rust on the table saw, I have found using a green scotch-brite pad on a random orbit sander at low speed with WD40 as a lubricant works very well. I use Renaissance wax on my cast iron surfaces. There are several different waxes that different people like.