Tim,

I just set up a wood shop in my basement last year about the same dimensions as you. I have a 1.5HP dust collector connected to my tablesaw, router table, jointer and drillpress with blast gates at each tool so all of the suction is focused on the tool in use. The system works great. For the tablesaw I used scrap plywood to enclose the bottom and as much of the back as possible (the link below is where I got the idea). I still get some dust blowing forward off the top of the blade but there is a definite difference with the dust collector turned on.

To reduce noise I built an enclosure around the dust colletor and lined it with accoustical ceiling tiles. I barely know it is on.

But as good as a dust collector is it is only half of the battle. The dust collector is great at sucking up the big chips but you will still notice that haze of fine dust in the air. That fine dust is what gets into your lungs and possibly into your HVAC. I would strongly suggest adding an AIR FILTER as well. Jet and Delta both make units for about $200 that filter particles down to 1 micron.

Hope this helps

Rich