It can be done but very cost prohibitive except for maybe a Theme
Park application.
There are different ways to approach it.
One way is to use your idea but add laminair flow to the
fog machine as well as the extraction vent. You need to have very directional control. You also need to make sure the facility
HVAC diffusers and
return air locations wont mess with your design.
Smoke wrangling is more art than science.
After extraction you can process the
smoke with HEPA style filters but they get soggy very fast and are a major pain to deal with and incredibly expensive. On top of that, HEPA filters were never meant to filter glycol
smoke so there's that.
Or, you can take the easy path and just dump it outside the building. It may be the easier path but depending on the state and city you are in, it may be illegal. In California, in certain applications, you are limited to how much "
smoke" you can
release in to the outside environment . You are required to "measure" the amount of
smoke you dispense and assure you do not exceed the guidelines or risk a fine. I know, crazy. In California, these rules apply to Theme
Park attractions but NOT, outside entertainment venues that can
release as much
smoke as you want. But then again, it's California so nothing needs to make sense.