For the ultimate "tightwad basement", I would recommend building 2x4 walls to hold r-11 insulation, and then use either paneling or tongue and groove knotty pine instead of drywall. It's an easy way to get the wall covered without having to hire a drywaller and deal with the mess. If the insulation isn't that big of deal, then instead of 2x4 walls, i'd use the furring strips mentioned in an earlier post.
Cheap paneling isn't much more than sheets of drywall, plus they don't need finished.
$1000 will go a long ways.
BTW the Owens Corning system is nice, but for some stupid reason they've decided to only make it available to professional installers which makes the price unreasonable for most. It's only a matter of time before someone comes up with a similar knock off product.
I drywalled my basement then went over it with a spray on knockdown finish... It was EXTREMELY easy and IMHO looks great... I think alot of people are intimdated by drywall work, but it's not as bad as it seems.
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