I think I've got it figured out. I will put a "Y" near the vacuum intake, with one branch for wood dust. The other branch I will use for metal grinding. I'll use the bucket with water, like a water bong, to put out any hot metal. I'll use the magnet after that (GREAT idea, by the way). As an added precaution, whenever I grind metal, I'll empty out the waste to remove any flammable particles. Even though it sounds a tad tedious, I think it sounds a lot easier than vacuuming the whole damn garage every time I want to work on something. Once its done, I'll post pictures/video for comments, especially if anyone sees a safety issue.