As a safety person, I will say this. WEAR A RESPIRATOR!!! As a minimum wear a good twin cartridge, half mask is fine, as long as you have a good seal area (clean shaven)
One thing I see in guys shops is that once they quit grinding, they take off the respirator. As a rule of thumb, unless the total volume of air in the room has been exchanged at least 4 times, respirators should be required. Latent particles will be in the air in an enclosed space for several hours!
A large evacuation fan that expels air out of the room and an opening to allow fresh air to replace it is a great idea!!!! Filters are fine, and a good plan, but they can only remove so much.
Keep in mind your breathing zone (18" surrounding your face) if dust is in this area, wear a respirator.
Exotic woods, ivories and synthetics such as micarta and G10 take a heavy toll on your lungs, and I can only imagine what is in stabilized wood
Your passion for knives should not eclipse your passion for living.
God Bless
Mike