Darren Diess of Dustless Technologies demonstrated the filtering capabilities of their HEPA vacuum and showed me a number of dust collection shrouds that will fit the tools you already own. I particularly like the Bi0074 Buddy products, which fit onto the end of a vacuum hose and stick to the wall by suction. You can drill or cut holes through the center opening and the dust will be sucked away. I shot video of one and you can see a different one here. Their new DustBubble is a plastic bag for collecting dust. If you stick it to the wall, you can drill through it and the dust will be contained. When you are finished you can peel it off the wall (without damage to the paint) and throw it away.

Dustless Technologies HEPA Vacuum

Retrofit dust collection shrouds for power tools