noise: anything with universal motor (i.e. the harbor fright little red blower) will scream. induction motors however will be very quiet , with my household HVAC blower i hear the sound of air whooshing through the ducts and filter media more then anything.
smell: your machine will have negative air pressure inside, all the ventilation holes in it are for air to get in. why block inflow of air into machine with filters?
you will have smell, acrylic for example will continue to outgass for some time lafter cutting / engraving. to minimize the smell i tend to have the fume extractor work non stop thorough entire worksession and i leave the lid closed for at least 10 seconds after each job is done to evacuate as much fumes as possible from the enclosure.
as far as exhausting through the roof, i tried it(
pick of first attempt ).. with the amount of air blown out the replacement air was drawn in via garage suffits and i was getting some unfiltered fumes back - really bad. running unfiltered you are risking neighbors complaining, that stuff can smell quite far. so i would definitely plan on some sort of fume scrubbing.