I would not bother with putting insulation on the steam pipes in the basement. When the heat cycles off, the pipes WILL cool down insulation or not. Then when the heat cycles back on most of the loss is in the inital heat required to heat the pipes back up. The heat that is lost is still in your basement and still serves to heat your house as it rises and warms the floor. Leave the basement door open to the first floor and make good use of the heat.
Mark