I would not try dry walling it yourself. Those sheets are heavy. Are you giving him walls or just a corner in an otherwise open basement? Is the basement water tight? Is it insulated? I think it is a nice thought but you should decide what you want to do with the whole basement first.

Sounds good, however, there is an art to putting up drywall. If you've never done it you're in for a big surprise. Hire out the drywall work. You might also consider a dropped ceiling.

As far as the cinder block walls, are you just going to paint them? Do you need waterproofing? Extra insulation? If so, I'd do these first before painting.

You will have to shop around, but I think an acoustic ceiling tile is what would be best. It must be sag, mildew resistant and recommended for use in a basement environment. The faux bead board is nice, but no acoustic quality, is not sag or mildew resistant, in all brands. Read more: https://www.hometalk.com/6050553/q-ideas-to-cover-a-basement-ceiling

Drywall is not a first timers project. Yes it is too heavy for one person on a ceiling and walls. It also take a certain skill to tape the seams. The wall will also need to be insulated before you add walls. Personally I like a drop ceiling in the basement. It make it easier to run additional lines and plumbing if needed. We built our last house in 1990 and had drop ceilings in the basement. It was so much easier when computers became common for homes to run the wires, to run the additional gas line for a new fireplace and various other additions. Just lift out the panel. If the ceiling is dry walled you have to bust a hole or several holes in the drywall and then patch it and paint it.

Sorry but IMO a little spot in an unfinished basement is not a place I would want to bring friends ever.

I think it is a perfect spot for the guys. Most guys just want a place to hang out, play cards or whatever. They can have fun without worrying about destroying some so called decorators design. I call my game room the Craig's list room. Poker table, bar, pool table (came with the house) , TV and dart board.