[GpsFrontier]

One possibility is the basement , it's unfinished and I'm concerned about the amount of dust down there.

Basements are commonly used for hydroponics, and a very good choice also. Easy to control climates and don't get as hot during summer months because they are already underground. If the room is empty it's easy to clean all the dust out. If there is a drain just hose it down. If not sweep and vacuum what you can then wipe down the rest with a wet towel.

My feeling is for whatever reason spiders seem to be more drawn to the basement possibly. Not that I typically see them walking around. And I am aware that not all spiders are bad for my plants.

Spiders like basements because they are not occupied by people walking around a lot wiping there webs away. Just like a old barn, without people to wipe there webs away, they settle right in. Also spiders eat the insects that harm your plants, and I don't know of any actual spiders that harm plants.

So, one I'm wondering if more challenges will arise from keeping my garden in that area ?

Not more, lighting, heating and cooling, air circulation, pollination, keeping proper nutrient temperatures, humidity, all the usual's.

Also, another possibility I'm considering is finishing off my PVC frame and light stand with perhaps some covering.

I gather this is to make the lighting more efficient by reflecting it back to the plants?

I'm concerned about fire safety but I'm running to start 2 55w cfl's (480w total equivs)

You will need to keep an eye on it, and adjust it as you build it. If there is any doubt at all, take it off until you can fix it. The plants will need air circulation as in any system. Be sure it wont get too hot even without air circulation because nothing is foolproof, if the ventilation fails you don't want to burn the house down.

Also light leaking , but a total seal of light would make it more feasible in some available areas of my living space.

I'm not sure the concerns about leaking light in a basement. Although in the living spaces, you can defiantly build it to be a light proof system. Build it big enough for the full grown plants and the system it's in, and plenty of ventilation. Keeping the lights far enough away from anything that can burn. Ventilation holes at the top will allow the heat to rise out the top. Ventilation holes at the bottom will allow cooler air to replace the hot air escaping from the top. you can cover these ventilation holes to block light but don't restrict the airflow.