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I've done many basement finishes. Start with either chalk lines or tape on the floor for your walls to get a feel of how it will look to use the space. When you get to the point of studding, consider steel. It's green, adds no combustible load to the home, and is easy to work with. You'll be obligated since it now a "finished space" to provide receptacles every 6' along the walls, and in addition to HVAC supply ducts, also cut in a proper size return for the space. Lay-in 2x2 or 2x4 ceiling is the way to go for preservation of access to plumbing and electrical. In addition to being stupid, it's a code violation to drywall over junction boxes. Verify before you start that you don't need permits, or shit will hit the fan when it comes time to sell.
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There ain't nothin' more powerful than the odor of mendacity -Big Daddy
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