Sounds like a great project Rob. Have you been blogging about it at all? What did you start with in terms of floor, walls, and humidity?
The stamp in the old basement toilet says "1924". We're on one of the hills, and in the spring there's a fresh water spring and 5-foot long river running to the floor drain.... and all my power tools are down there! Local wisdom is that our homes were all built ontop of a hilltop spring, and that may be true. However, I notice on the outside, they all have inside corners that face uphill, and so their foundations treat runoff like a outfielder's baseball mitt. Worse, many houses including ours have downspouts that drain into a crummy clay lined seep pit in that inside corner. They probably don't have footing drains or they're clogged. And then the hill does funny things to the frost line in relation to below grade drainage.
So this first year the job is to regrade, replumb some downspouts, and build some french drains on the uphill side, while one and sometimes two dehumidifiers hum away in the pit, errrr, basement. Inside, its fixing the framing as I think I mentioned.
After you get your space finished, what do you plan to build in it?