Mark - The gauges are magnehelic - not magnetic - and work off the pressure differential inside the system vs outside. They need to be sized to the application, with respect to placement and range.
Also, a bindicator is effective if it is placed in the bin correctly. In my experience, shavings will swirl around and pile differently - or pyramid - inside the collection chamber. Wenge dust will fall into the center, heavy and dense, while pine shavings may pile up in a far corner with the air currents, and never trigger the bindicator. This will certainly make bindicator placement a challenge.
I have never seen one in a barrel container, since most barrels are soon overwhelmed and replaced by a more efficient storage.
In my first one man shop, I had a one bag collector that I could fill in 30 minutes of planing. After a few months, I added up all the time I had spent fiddling with bags, hauling bags, all while I was still getting massive doses of fine dust. At my modest shop rate, I had already paid for a dust collector in lost time, I just did not have one.
I contacted Oneida and we worked up a great little system with return filtration that I put into a small closet sized shop addition. The air tight room will hold over 250 c/f of shavings, with a door at truck height so I can empty it easily.
Last word - expect lots of fiddling and perhaps mediocrity with your self made design. There is a world of difference between an engineered system and a cobbled together one.