I don't meant to be heavy handed ... but new makers need to know that fires have taken many knifemakers shops.
If it is a chance you are good with taking, OK. But it needs to be thought about a lot.
As for a low cost alternative:
A spark bong costs about $10 to build, maybe nothing at all if you have some old drywall buckets, sheet metal, and PVC pipe laying around. Your shop vac connects to it. There are dozens of build threads and photos of these in Shoptalk.
A dust collector blower connected to a hose that runs outside will remove the sparks and dust very efficiently.
This blower is regularly on sale for nearly half price, and can be found on the selling sites cheap, too. -
https://www.harborfreight.com/13-gal-1-hp-industrial-portable-dust-collector-61808.html
Don't use the bag, but instead place a 10-15 foot hose on it to send the dust outside. You can run it through a wall using a dryer vent kit.
I have one I use occasionally when grinding lots of wood that I bought for $30 at a yard sale. I have a hose that runs through the wall and dumps the dust outside the forge area. This keeps the shop vac system from getting filled up with wood dust.
The two-bag type woodshop dust collector blowers can be found cheap on the trader papers and yard sales. Just take off the blower and discard the bag system ( or save it for a future rebuild with a metal dust deputy). You use the blower just as above.
A metal dust deputy ( Oneida) can be bought for less than $100 and will run with your current vacuum. Just add a drywall bucket. There are several threads on this.
Even the plastic cyclone/dust deputy units that sell for $30-50 will work, but they will get little melt spots in them as ot sparks and dust lodge. With some creative placement of screens and sheet metal, they will work good enough to keep the sparks out of the vacuum.
I also consider a good respirator a requirement for safe knifemaking.