This is a cyclone that I bought:
http://m.ebay.com/itm/Cyclone-Dust-SeparatorCollector-for-Wood-Working-Industrial-Shop-Vacuum-Cleaner-/291376569000?nav=SEARCH
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I started a little water trap that looked almost identical to yours. I hard plumbed with ABS pipe because the sweeps are more gradual than PVC water pipe. If you use 2 inch ABS pipe, it fits really well.
Ended up tossing it, and going to a cyclone because I found other needs in my shop for...
Be sure that you like the work.
If you have land, everything is a bigger job. When I sunk my well, I put faucets all around my property. I ended up buying 1.5 miles of 2" PVC pipe and installed 22 faucets.
Right now, I'm looking out my window at six trees that need to be cut down.
If you like...