T Cro, I realize that getting heating suggestions from a Guy in South Texas is almost as bad as a guy (Named Steve) telling you how warm it is in Florida..
BUT,,,,,
As MOB sed,,,, In your situation, if it were me, I'd spend the money for installing a true flue pipe, thru the wall and up, and add in a freestanding wood burner,
(I hate to admit this, but I hafta agree with MOB); Plus, it would be a heck of a lot more efficient and less costly than a fire place, "and" if ya need it,,, it works if the power goes off!
Ride safe, Ted
PS: Whut's a basement?