Yes, it is a good idea to locate your collector in an enclosure on an outside wall of the shop. A couple of benefits are saving floor space, and most of the noise will be contained in the enclosure. One important recommendation is to cut a filter frame near the ceiling, on the common wall between the enclosure and the shop, and insert a furnace filter. A 20″ X 20″ filter is normally adequate. This will allow air to re-circulate back into the shop. The furnace filter is inexpensive to change and will provide for cleaner air returning to the shop.