100% spray the ceiling BLACK. Do not spray it white. It will always look dirty. Spray black and you will never notice it again. Flat is best, if you get a black tint with a bit of the color from your walls, it will blend better.

If you have water moisture, you can do the raised floor - "DriCore" is what it's called. I used it in my office where I have all our electrical stuff (computer servers, etc) and the rest of the basement is where we had the water issues! Lol.

Get rid of the oil tank - it takes up way more space than it looks, and will cost you $600 for a junk hauler to take it. If they can get it out of your house in one piece, they can re-sell it and you'll have 2-3 guys asking to haul it away.

You're in Connecticut - you will want insulation. There's a cheap way to insulate - using fiber batts (the rolled stuff that comes in those huge bags), but this can contribute to mold if it gets even a LITTLE wet. So better to use Foam boards - the R-value isn't quite as high but you can put them right against the walls, and no mold. You will want insulation if you are putting pins down there.

I wouldn't even worry about the floor unless you have moisture; depends on how livable you want your space to be. My basement is 800 ft2, cost me $21000 to do the whole thing, floor, ceiling, paint, drywall, move the furnace, and we added a bathroom as well.

LOL!! It is worth it to get the good paint, as it's easier to clean, but the most important thing is to get it covered.

I should have specified: I’m assuming it’s been disconnected - if the furnace still runs on oil, keep it!

It doesn’t really matter that much for the ceiling and floor joists - the better paint sticks better, which is important, but nobody’s messing with stuff up there for the most part. It does make a difference on the walls - it is thicker and you can do more square footage with fewer cans of paint.

No, it literally sits atop the concrete. Watch out if it’s not pretty level, though, it will conform to the concrete eventually and you may have some weird dips. It locks together like tongue and groove. It is pretty expensive - $500/ square I think? But it’s a good option and way cheaper if you have moisture coming up from the floor

Well those are fairly standard spec for my area. Insulation, proper electrical code, plumbing, make sure you have enough space for the furnace to get the necessary amount of air. All good stuff, and will make it easier to sell the house later. You don’t want to cheap out and then end up on the Darwin Awards

With respect, Dricore is supposed to be floating. In extreme circumstances, they do say you can attach to the floor, but doing this can wreck the benefits of the product, since the little feet are now pierced