Here's a photo of my setup for dust collection on the DW 788. The stand I have had for a lot of years, and is on casters to roll around where I want to use it. The vac is a Metro Vac 'n blo, with a plastic bottle to act as a muffler. It is connected to the mini cyclone, which is fitted to a 6" pvc pipe I liberated from a construction job a long time ago. Turned a bottom for it on the lathe, and used a pvc cap for the top. This is all connected to a scrollnado dust collector.
I have been sawing on mdf lately and this really catches a lot of the dust from that, so I know it will do a great job on wood and plywood.
Tom