I tried the water trap idea for capturing dust before it reached the vac, but my vac collapsed the bucket every time.
Do a Google search on "dust deputy". They are based in Wisconsin, I think. They make a plastic cyclone dust trap that mounts to the top of a 5 gallon bucket between the cabinet and vac. The plastic is completely unaffected by the grit. No water, no mud, no problems! It captures 95% of the dust in the bucket before it can reach the vac and plug up your filter. Last time I looked, they were about $45. Hands down the best dust trap for sand blasting. Good luck!
GG