Being limited in both space and time, I chose the shop vac route with a slight modification. I picked up a 5 gallon plastic bucket and purchased a "cyclone" type top for it from the local Woodcraft. I put it "in-line" with the shop vac hose and I now have a cheap "two stage" pickup (i.e., larger stuff is deposited into the 5 gal. bucket) before the finer stuff goes into the shop vac. I also have experimented with adding 4 to 6 inches of water to the bucket to improve the dust collection in the first stage. It seems to work quite well. Additionally, Sears sells a receptacle for about $25-$30 which turns on the shop vac automatically when you trigger the tool(presumably something dust producing)...quite handy.

Please always wear hearing protection, even for short duration work. The muffs are generally cheap, comfortable and keeps you from saying "What'd you say?" prematurely 8-) Most of the better ones reduce noise by at least 28-29 db and some of the newer ones reduce it by 31db.

Good luck!