I tried the same thing - small, weekend shop on a budget - and I've
found that I shop vac (with the optional HEPA filter) works fairly well
for sucking up dust and chips. I've used it connected directly to my
home-made router table, bandsaw, and RO sander. It is definitely loud,
even with the optional 'muffler', so with that and your power tools,
you'll definitely need hearing protection (Unless you drop $300 for the
Fein shop-vac).
I've found that my basement shop stays fairly free of dust. When
possible, I also have a box fan that I point out the window or attach a
Filtrete furnace filter to. This isn't as efficient as a true shop air
filter, of course, but I usually use a face-mask filter too, and the
fan + filter is about $190 cheaper than a true air cleaner. Good
temporary fix, until I can start spending more time in the shop.
Hope this helps,
Andy