It's been a while since I last updated this thread and there are a few good reasons why.
1) I started by own consulting business (Software Development) and so the funds for the basement have shut down almost immediately as I need to use my saving to keep us afloat until the invoices started to get paid (a 2 month span).
2) I found out that my grandmother (who lives in Italy) had a mild stroke and so I made a rush decision to go to Italy for 10 days and visit her since I don't know how much time she would have left. That took a good chunk out of our savings also since the timing was as bad as it could possibly be. However she has recovered nicely since and my wife finally got to meet her after all these years.
3) Speaking of the wife, after many years of trying to conceive, thousands spent on In-vitro and other infertility methods, a miscarriage (natural conception) Shannon got pregnant naturally (again) and now she's in the beginning of her second trimester. Needless to say we were both overwhelmed with joy, and then I was overwhelmed with a to-do list of things that need to get done before the baby is born. Theater is on the list, but it was way way way down the list. Go figure.

However, progress did not completely stop. Since I purchased all materials to get me to the point of first-layer drywall, I have been able to do some things:
- Insulation is 98% complete with only small sections that need to remain open for some final construction work.
- 1 (of 3) light-boxes has been installed.
- Decided to use the mini-split systems from LG to heat and cool the basement. Read about it here :
LG ArtCool wall units. I'm going to have 3 units (1 in the theater, 1 in the sports bar room, and 1 in the game room. At 25dB on low and 35dB on high, I think it will be quiet enough. I'm now just waiting on the HVAC guy to give be a quote on how much to do the rough-in.
I'm trying to get a good push to move on the light-boxes (which is holding things up right now with the insulation). Also, if anyone here has experience installing these ArtCool wall units, let me know if I can do the rough-in myself. The HVAC guy is a neighbor and he just started his own business too so he's pretty occupied with real work and forgets about me.
This week I'm hoping to complete installing the drywall in the closet (which contains the 1 light box that I installed). At least I can get that done and move to other areas with 1 item checked off the list for good.