In general terms any particles placed on an orbit by a single impluse will pass through the point that impulse was applied again one orbit later. So for dust kicked up from the moon surface it will arrive back at the surface somewhere (rotation and sub orbital trajectories mean most will not actually hit the landing site).
This obviously does not apply for particles launched at beyond escape velocity, so it is possible a faint torus/ring of dust might form around earth, but since the particles would still intersect lunar orbit the moon would tend to further disrupt the orbits with more time, with dust either impacting the moon, impacting earth, being gravity assisted into solar orbit or ending up in vicinity of the lagrange points.
Rather than risk to space vehicles the problem is more likely to be to surface infrastructure, since the vast majority of the displaced material will impact 'somewhere' on the moon again, hits to base areas become probable. When Apollo 12 landed near Surveyor one of the surprises was the paint damage to surveyor despite not being in direct line of sight to the LM touch down point.
Protection of the base being landed at may be as simple as putting the base on a reverse slope, but if multiple bases exist it may become more important to engineer landing areas to avoid FOD to someone else's base half way round the moon if particles concentrate into a unfortunate range of launch angles and velocities.