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I grew up in an old house. Those sort of issues are ones you should look into before you even begin. We had some surprises over the years that could have been prevented if we knew what to look for.
I would paint any and all walls and floors with a mildew/water blocker before anything. Seal any cracks before hand, as well as filling any gaps in the ceiling joists with insulation.
I grow in a basement, 4th location. Never any issues, but never in a building built before 65
investigate the topography around the house. Where does water come from and where does it go? What would happen if you got record rains extreme weather? Is there any evidence of past flooding in the basement?
One key piece of info you left out .... How many lights??? If your talking 1-2 its completely different then blowing it up... 1-2 you get by with what's existing... And more I would just run dedicated circuits with new wire for everything 120 n 240 maybe plug ya wall fans in the old but I'd definitely keep the loads to a minimum n not necessary at all if u run new...... Again it all depends on what ya got going on at the particular spot... Take a look at your panel n go from there... Also basements are great .. Hopefully your panel is down there... In that case its all there with half the work of running wires up stairs... Less holes less wire less time.. No brainer