due to extensive house rewiring, the ceiling in my basement studio is gone. all that remains is lots of strapping. i would like to do it myself but could not handle drywall. my thought is what about the pink or blue foam insulation panels.they are light and cheap and i could easily handle them. is there anything wrong with this idea?
tia
https://www.google.com/search?q=painted+base...
If you truly have "holes to the underside of the living room" you have a bigger problem than your basement ceiling to deal with and may need to hire a contractor.
Though I'd like to help more, at this point the above suggestions are all I have.