To reduce/minimise the amount of cast Iron dust, (can't do much about the graphite) put a magnet as near as is safe to the point of cut, and cover with newspaper, or plastic sheet.
Most of the Ferrite will be attracted to the magnet. Afterwards, remove sheet and magnet, and hold over the scrap bin. Remove magnet, and most of the rubbish will fall off. Brush off the rest with an old / cheap paint brush, (I use a cheap pastry brush) This does help to keep the place cleaner.
At ALL costs, avoid getting the dust on the pot magnet. If you are lucky, you may be able to remove nearly all of it with some BluTack, which can then be thrown away.
Howard