My 10" Cincy Elec grinder sits on a bag house type dust collector. Works amazingly well. Very little grinding dust anywhere. The back ports are a little more effective than nothing, as they take the air swirled around by the boundary layer of the wheel and work like a very inefficient centrifugal fan, converting the rotation into linear travel. If you put a hose in the water, you will stagnate the air in the exhaust and the exhaust ports will not work at all. Big shop vac is the ticket, with a long hose.
At the museum, I had a shop vac die. Took the motor and fan off, mounted a PVC pipe fitting to it that would take a vac hose and essentially made a second filter out of it. If you wanted to pick up water or very fine dust (the type that often burns up the fan motor) you plugged your shop vac hose into the top of this unit and got a primary filtration before it hit the fan. (pun intended)