I'm not sure exactly how I would handle it either. The three options you suggest are your only options I can think of. So, pros and cons of each.
Stud wall Pro - room for mechanicals, easy to wire, can make nice a straight Con - loss of room at stair winder, will have a funny shelf at transition (Can be a decorative element though)
Furring Strips Pro - less loss of room, still able to run electric Con - can be a pain to get plumb and straight, no room for measurable insulation (Not a big deal if below grade IMO), more work than studs, attachment can showcase water issues that maybe were not evident, shelf created at transition is too small to put anything on.
Glued direct Pro - fair transition to 1st floor drywall, best maximization of space Con - no room for electric (Possibly a code issue), moisture, no way to ensure plumb and straight, could look like crap, still will probably not line up with upstairs drywall anyway.
So, if it were me - I would do the furring strips IF the wall was straight and plumb and the basement was very very dry. If there were any chance of moisture seeping through the block then I would do a stud wall.