I'd also second _Six_'s cautions. Basements always have really major low frequency
standing wave issues because of the nature of the where they are -- LF has nowhere to go
becuase of the solid walls everywhere! So whatever else you do, you will need to install
large, serious bass traps and they will eat up a lot of your current floor space, quite
posible making the two-room idea unworkable.
Hugh
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Technical Editor, Sound On Sound