I have a basement shop with a setup much like you're describing. I had
to frame in the room (21 x 20 .... coulda shoulda made it bigger). Also
had to wire it, but that I did right, more or less ... outlets every 6
ft around the perimeter, 8 outlets for shoplights & whatnot spaced
evenly around the ceiling, and a 220 outlet on the support post in the
middle of the room.
Dust collection is a must, and I'm working on an air cleaner (when I
was working in my garage, I'd just open the doors and fire up the leaf
blower once in a while). Noise is occasionally a problem--less so now
that the walls are up, and the floor (house floor, shop ceiling) is
well-insulated, so that helps a little.
The main problem I have is the absence of a door to the outside. I put
a new door from the garage to the stairwell so I have a straight shot
down the stairs (essential for plywood or drywall), but dang, I'm
dreading carrying my daughter's brand-new computer desk up those
stairs. And God help us when/if we move ... those boxes from Grizzly
slid down the stairs quite smoothly, but the jointer and table saw are
going to be difficult going back up.
I actually contemplated putting in a bulkhead door, but the expense was
too great, and the way our house is laid out, it would have involved
putting it in a very visible place. I'll make do with the basement
stairs for now.
I also wish I had running water in the basement ... I know it wouldn't
be hard to do, but drainage would be a problem. I'd like to be able to
rinse out brushes and wash my hands without having to traipse through
the house. I also intend to run an air line from the garage to the
woodshop so that I can quick-connect to the compressor without having
to run an air hose down the stairs through an open door.
All of that said, I'm glad to be working inside rather than in the
garage ... cool in the summer, tolerable in the winter. Good luck
getting your shop set up.