Dan,
As a test of the modified dust shoe, I carved a modified version of the cyclone cap. This time, before the carve, I cleaned out the bag on the minivac, and carved and cut without the small opening acrylic dust cap. Ie, the area around the chuck was open. Unintuitively, this left behind much less dust primarily due to the shavings not escaping through the small opening in the acrylic cap during the 1/8" bit cutting operation. (See photos, which represent all the dust left behind after ~45 min carve and cut of the cyclone cap in plywood.). Am wondering with your design whether simply deeping the sides (ie, basically turning the shoe into a mini ducted fan) and eliminating the small opening cap will produce a similar result, thereby eliminating any issues whatsoever associated with a deep bobbing chuck...
[ On another note, with respect to the cyclone cap, rather than deal with a 1.1" deep carve, I mimicked your design, but split the carve into two (2) 3/4" deep carves in plywood, and then glued the halves together. I was hoping that by doing so I could also carve in the channel for the 1" diameter intake hose, but could not get designer to faithfully reproduce a half cylinder, so resorted to a forstner bit afterwards, which was a pain. Will post findings later in the cyclone thread... ]
R, Jon