OMG! You were not joking about the "felt" like appearance of the dust!
My MBP seems to always have the fans on. I do occasionally run compressed air across the vents (from the outside) but decided to open it up thanks to this thread.
As I was cleaning, I noticed that when blowing compressed air into the vents, one of the fans was not turning (indicating no air reaching?) I grabbed some precision tweezers and pulled this out: https://i.imgur.com/aIPSRdi.jpg