I have a craft room, but it's not in the basement. I use my daughter's bedroom.
A basement can be just fine (a lot of people do it), but I'd be sure that it is "dry" and not damp.
Are your walls dry-walled, or concrete?
You can paint ANY color. I'd probably stick to more neutral.
I'd definitely get myself a very large area rug. I don't like a cold surface under my feet.
I assume that you would want your sewing machine down there.
And again, this is fine as long as it is not damp .... which you know.
Definitely check Pinterest for ideas.
Also Houzz.
I'd be concerned about the lighting, but those sights can give you wonderful ideas for that!
I use the cheap bookcases from Meijer for my storage.
I used to have 3 of them lined up across one wall (and this worked nicely) but I've changed my set up again.
Obviously my books sit on the shelves, and I have my fabric lined up on the shelves as well.
If I were in my basement, I might resort to putting my fabric in "small bins" & labeling them, but keeping them on these shelves.
I don't know .... haven't seen your basement.
I'm not a fan of clutter taking up space on the floor,
which of course is sometimes a problem for me.
My craft room is not large enough ... LOL ... although it is 12 x 13-ish or so.
I have a tv armoir in there with a full couch. That's in one corner area on the south wall. At the other end of the south wall, I have a bookshelf & some cube storage. This holds all of my knitting.
The west wall is short as it's the doorway to the closet, and the entrance to the room. I have my 4 ft. table along this wall.
The north wall is long. Here I have a hutch that holds my quilting books & some supplies. Next to this is my Handi Quilter Sweet Sixteen machine. Next to that is a small plastic bin drawer thing that I keep the supplies in for the SS.
And next to that then, are two more tall bookcases that hold fabric & misc.
The east wall ... I don't really have anything on it, but "in" the room then, behind the couch, I have two sewing machine tables that face each other. My machine is on one, and the other table has my older machine that I set up for my girls, or when I have a friend come over.
The room sounds cluttery, but I can get around nicely in there.
Wish you lived closer! I'd have you over & we could "show 'n tell."
Our old kitchen table is down in the basement & that is where I do MOST of my fabric cutting.
If you're on FB, you can see the photos that I have of my craft room.
I'm not sure that I'd know how to post them here.
I'm getting ready to think about sewing some new curtains for my craft room.
I have two small projects to bind.
And one baby quilt to "quilt."
Oh gee ... and another one to piece.