I also use the 2hp HF. Don't forget to use a 20% off coupon. But also please do not use it without upgrading the bags - filtration. The stock bags will not stop the finest dust, the type most likely to affect you. But if you go with 1 micron bags that is not expensive. With that change and a long flexible hose (Peachtree is a little less than Rockler) you will be over $200 but will have a system that will work and can be upgraded if you want.
I had a 1hp, a Delta AP-400, and it was not too good. I plumbed it with 4 inch SD PVC and blast gates and had inadequate suction for my jointer. The 2hp HF is MUCH more powerful. I would not go with a 1hp machine but it might work if you just wheeled it from machine to machine. But the 2hp HF is pretty inexpensive and it easily handles my jointer and planner.
My setup uses just the blower and motor from the HF and has a super dust deputy below them and then a box for the dust. It occupies an 18 inch square space in the back corner of my shop. I have 5 inch snap lock going to the table saw and then I swap in a long hose from peachtree going to the jointer and planner. The exhaust goes outside, no filtration (other than the cyclone). It is not my permanent setup but works for now. I will plumb in more snap lock and a couple more drops. I have the blast gates and some of the other stuff, but I like building furniture more than working on the shop. It will bug me enough to get done before too long.
Long way of saying I would start with the 2hp HF, upgrade the filtration, and then decide on how far you want to take it. With a cartridge filter or good bags, it could be the permanent solution. But you can also easily make it a two stage and even upgrade the impeller.