The green-lid will be fine. Green signifies regular heavyweight drywall compound. Blue lid is lightweight compound. The dustless mud comes in a grey bucket. I really don't care for the dustless, as I find it too soft and easy to dent and scratch for regular use, and I would only recommend it for final point-up, and ceilings.
Casey

I use the USG Sheetrock Joint Compound in the bucket with the green lid. It shrinks a bit more, but it spreads on easily and when thinned a bit can feather out any joint. I tried the blue lid a few times - get thicker coats with many more pin holes and (for me anyway) took longer to finish. For tutorials and videos on DIY drywall try the link below.

Here is a link that might be useful: DIY Drywall Taping

I also prefer the green lid. I don't understood why others are not bothered by the blue lid stuff and it's pin-hole bubbles (except for the convenience of hauling it...not to mention holding a lighter panload, I suppose).

Whichever one you use, apply umpteen thin coats and you'll never have to sand. Never create a high spot. Use a flashlight beam to detect places that need more work. Erase errors with a lightly damp sponge.

Untraditional, but end results will be excellent. Not sanding is a good thing.

walrus, make that suggestion to the next drywall finisher you meet; "umpteen thin coats" and see how long before he LOLs in your face.
I rarely do more than two coats and point up. 1 coat of durabond to bed the tape. 1 coat of easysand to fill, then a good healthy sanding, followed by pointup with green-lid compound. Corner beads and flat joints will indeed a second coat of easysand.
Casey

OK, whats point up.

Also, which tape do I use..paper or mesh. If mesh, should I use the orange 'extreme' stuff since it will be in a basement?