I think I like the combination of the last two ideas, build it into a downdraft table for sanding, and filter the output with reuseable hepa filters so that you can turn it on and use it as an ambient air filter if you are not sanding. The enclosure of the downdraft table should help keep the noise level down too. A three layer filter between the tabletop and the blower itself, with the clean(er) exhaust air blowing down on the floor should work and be pretty easy to keep clean. A standard window screen first, to catch the big stuff could just be pulled out and dumped into a trash can. A second cheap blue spun poly filter could be tossed when clogged, and will keep the more expensive hepa filter underneath clean longer. When that gets dirty you can take it outside and blow it out with an airhose while wearing a respirator, or wash it out with a waterhose, depending on what kind you get.
You know, there is a section of one of my work benches that has room under it...... hmmm, and hvac shops have used motors and fans running out their ears. I bet that could be rigged up on the cheap. I just gotta figure out where to stack all the crap i have stacked on that section of bench....... Hmmmm.
Here's a link to the Cadillac version of a downdraft table that I wish I had the time, money, space and skill to build.
http://superwoodworks.com/Projects/SandingBench.htm