Want to finish my basement -- need advice on how to mitigrate first floor noise

hey guys,
I have an old house built in 1925 with an unfinished basement. I am looking at finishing about 3/4s of the total basement area with about half of that as a media room (total basement size is 780sqft) and another portion with a pull out couch for occasional guests. However, I have some problems I need to deal with before starting the project and was wondering if I could get some advice from this forum community:

1.) The first level floor is pure and original tongue and groove hardwood floor planks with nothing beneath it other than the basement ceiling joists. Every now and then a leak or spill will seep through the cracks and into the basement below.

2.) Because of the bare floor above, the noise of people walking and talking can be LOUD, especially if they are shoes with hard heels. The first level floor also has embedded air registers and returns , which I believe also easily carries sound.

Question:

With the above issues, I was thinking one way I could mitigate the noise and spills would be by laying waterproof luxury vinyl planks (e.g, CoreTec ) on top of the original floor sandwiched with a vapor barrier of some sort between that new floating floor and the original floor. The floating floor such as CoreTec contains a cork underlayment to also help dampen noise. Then, in the basement ceiling between the joists, I would stuff some kind of sound insulation like Rockwool.

So does the above plan sound like a good one? Also, what about the return air/registers that exist on the first floor? Would the sound carry just as loud and basically render my project worthless at the end of the day?

Thanks!