Dust-Proof Basement Shop?
I'm no expert, but in all my years of shop at school, there was never excessive dust problems and the machines ran 6+ hours a day. That shop, of course, had the ducted connections I spoke about.
I wouldn't recommend having the shop share a space with senstive things, but a gasketed, air tight space isn't necessary if you have the proper dust collection system. Simple partitions and/or doors should do the trick.
If you're not getting a system, then I would seal the room up good and tight, have a good exhaust fan going to the exterior for the room, and invest in a great mask...