Opinions, random thoughts, ...
a) nice lights, will keep them in mind, and yes you will need more, they are recessed for Pete's sake.
b) I am allergic to black mold. I have found that although metal wire shelves may cost more than building wood shelves with plywood, they cannot pick up moisture and they let air circulate around and thru them. Great for holding train boxes. Downside is you cannot put anything small on them. Just put a plywood or a piece of plexiglas on a few.
c) Clever co-worker said not to let the drywall touch the basement floor, leave a gap so it can't wick up the water, and have the baseboard cover the gap. If you have <8' ceiling you have to trim it anyways. I assume he put them on a strip of wood before screwing to the wall then took the wood out. Never got the chance to try this.
d) Same clever guy said tear down the drywall on the basement ceiling, it will make the room seem bigger. Then use a Wagner spray gun and paint everything white. I only did the tear down part in the work room and yes seemed less claustrophobic. I like it unpainted, wife disagrees. I could see how yours is not well suited for that.