If you can afford HID then you will definitely be successful, with fluorescents you need a lot of lights to even come close, but I'm sure it can be done.

Most palms, I think you'll find do very well under flourescent light conditions. I have overwintered many species of palms like this (but my palms also spend some time outside on a yearly basis--up to 8 months in some cases depending on the species). Also, I have used flourescent indoors as a supplement to limited light from a northern exposure window. Still, the basement light setup you describe should do the trick even in a basement.
In particular, I have had success with the following species under flourescent light conditions: Rhapis, Livistona, Dypsis (spindle, triangle and areca palms), Chamaedorea, Howea, and Phoenix. One word of caution, if you put your palms outside in the spring from the basement, place them in a shady position until they acclimate to outside sun. It's very discouraging to have a palm grow robustly all winter long only to find it brown outside.

I also need info on this. I was gonna use four, 2 cool and 2 warm 48" T5 fluorescent bulbs putting out 20,000 lumens total on a few of my palms mostly coconut to see how it works. Any advice would be helpful, thank you...

with fluorescents the light output drops considerably as the distance from the tubes increases, the lights need to be right up to the tops of the leaves

xerophyte,
How close should I keep them. I plan on using warm lights because I have one coconut and its cooler in my basement. I'm also going to have a heater and a humidifier.

i've never used fluorescents for palms, only cactus and other succulents, which i placed about 2 inches below the lamps

there are as many pros and cons on fluorescent vs hid as there are types of soil mixes, i don't think there is a definitive "right" answer, it depends on the situation

hid lamps generate lots of heat which is great for palms but can be a problem if the room is already warm

Here is a link that might be useful: lighting info

Thanks for the info xerophyte. That helps alot. I'm just gonna experiment this year and if I fail I'll try harder next year.