Another related question to the exhaust system... Any recommended window setup that good for the winter ?
I was thinking to use normal dryer external (like this), and use some acrylic cut (non transparent or something..) and use fiberglass insulation in the middle and another acrylic cut sheet inside... (Or I could use painted wood...).
The dust collector's airflow is more than enough. If you plan to do a lot of paper or cardboard work, you should install a baffle in your exhaust system to reduce the flow rate as it can actually move thin materials (paper, cardboard) around the work area.
Faster airflow will reduce the smell (to a certain point, for example 1000cfm would be crazy overkill) but it is likely the machine will retain some smell, most often from deposited smoke or a dirty honeycomb table.
As for your venting question, your idea looks good, but you should talk to a contractor or HVAC company for a professional opinion