Dust Collection for CNC machine

This is my first post, so hopefully this is in the correct forum location.

I recently purchased an Axiom AR8 CNC machine, and I'm looking for advice on the best dust collection for my set up. My garage/workshop has only one 220v outlet on it's own circuit that the CNC will be connected to. I currently only have 110V outlets available. My garage, floor to ceiling height is 100". I believe the 110 V outlet and the ceiling height, rule out any longer cyclones >1.5 hp. The dust collector will be just a few feet from the CNC machine. Axiom states the CNC needs a minimum of 500 CFM for dust collection. I've been using a shop-vac for my other machines, which I wheel outside, and plan on continuing to do so. I am concerned with the finer particles created from the CNC (located permanently inside), so I want it's own dedicated dust collector for it. For now, the plan would be to have the dust collector to one machine at a time, which would be the CNC 99.9% of the time. I'm thinking if I move at some point, I would look at upgrading my dust collection at that point.

I mainly plan on cutting wood and acetate on the CNC. I've considered the bag dust collectors with a smaller micron filter as well as some of the short cyclones. From reviewing this forum and other data found online, cyclones are recommended but short cyclones have a bad reputation; so I feel a little lost. Since this would be pretty much strictly connected to the CNC, would a I be better off with a bag dust collector with a 1-micron filter or a short cyclone, 1.5 hp dust collector be sufficient? Would it even be worth it from a cost perspective to get one of the JET,Laguna, Oneida, or Grizzly machines in the $1500ish range or would I regret it in the future?

I am open to any advice being offered, and I thank you for your help in advance!

Oneida Mini Gorilla would be my first choice. Powerful, cyclone, small footprint and since it is mobile, you could use it elsewhere if/when needed. They have 240 and 120v options. A lot of manufacturers exaggerate CFM, Oneida does not.