Thanks, I appreciate all feedback. I just had a walk through with a plumber who mentioned a lot of the same reservations as you had regarding the tankless unit. My main draw to them is that with my 50 gallon unit currently, I get about 15 minutes of HOT water in the shower. I do realize I have two shower heads and this does prevent me from ever being late to work because of the length of my shower, but dang it, some days you just want to stay in the shower. Anyhow, so yeah that might get axed.
As for the sump, I already have a well and tile on the outside of the house, so it is just a precaution. I have about a ft of water in it now and it has stayed pretty consistent, but this was a really dry year for us.
The Hvac, I find myself wanting to hire someone to do the rest of the basement and hold off on the theater as I am no where near ready to tackle that and like you said there are a lot of good ideas on here and a lot of smart people, I might decided to tackle it myself, especially after I gain some additional knowledge here and from watching the pros do the rest of the basement.
I wish I could get all of this 'necessary' stuff out of the way so we can start playing in the theater room....