Just FWIW, I know this will run into money here, but why not sell both, and buy a good cyclone with good cartridge filtration?
I admit I am VERY leery of that F-5 Cyclone mostly because I know nothing about it.
The Powermatic is okay, but I would replace the bags with cartridge filters, and install either a Thien style pre separator, or a Thien baffle in each of the inlet rings of that collector. I would lean HEAVILY toward a pre-separator, Top Hat style, on a 55 gallon drum. If you could rig it to use disposable drum liner bags it would make emptying out that separator a WHOLE lot easier...
I would check your dimensions and layout on the rings of the Powermatic and compare it to the Wynn35A kits. If they fit without too much hassle, I personally went with the 35A Spun Bond filter for 2 reasons. MERV 11 rating, and washable. The NANO was not avaialble when I got mine but they offer a MERV 15 filtration rating. The Spun Bond run $161.00 each, the NANO run $177.00 each. Plus any taxes shipping and handling fees...
Mind you. I am in a small one man / one machine at a time shop, and as such am making do quite well with just a Harbor Freight 2HP / Wynn35A / Thien separator rig. My collection at the miter saw is vastly superior to stock, but still lacking. That should shock no-one...
Trying to follow the example of the master...