it just doesnt sound like a very safe setup to me. when lampworking hot glass pops all over the place and dry old wood sounds like it would just go up in bushy flames. Also, the basement sounds like a very bad idea as well, considering that ventilation is very very important. You can get carbon monoxide poisoning while lampworking if you do not have VERY strong ventilation.
You can look up more safety information on the message boards at www.lampworketc.com
Sorry to be the bearer of bad news. I'm struggling with similar problems. I want to lampwork, but I do not want to hurt myself or my neighbors... but I miss the torch!