I second Ed's opinion. I do have a Grizzly system that was 'cheap' at about $300 and it works pretty well. The air path passes through a metal trash can where the heavier metal dust is collected. Sounds good, in theory and mostly works. BUT, and there's always a 'but', I've had metal dust collect in the plastic hose just below the grinder and melt through the hose. Also, there is a large canvas bag where the lighter wood dust collects. Wood dust is extremely flammable so if a hot spark does manage to get past the metal can I hope you have very good fire insurance. BTW, on this type of dust collector you must put it somewhere outside your shop - no point at all in having it in the same room where you're collecting the dust.
Bottom line: use Ed's method or even my simple tray below the grinder but don't bother with a dust collector for metal dust...
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