I would eliminate the drop ceiling, too.

We spray painted our basement ceiling in a previous house and loved it. We used a medium grayish blue and it hid everything with very few shadows. I think if you paint it white you may end up getting a lot of shadows from the joists and Hvac runs, and you really want to hide all that. Just a thought.

What's up there that you'd be spray painting? Are we talking about joists and subfloor or ducts and pvc pipes? Getting rid of the drop ceiling you hate seems like a great idea, but I'd want to see what's up there before making further decisions.

@Angela Mc did you end up painting the exposed ceiling? I am prepping to do this now. I am also thinking white (walls and ceiling). We're also going to epoxy the floor. This is an old old house and the basement hasn't been updated in decades. So, it feels good to get rid of all of the carpets, drop-ceiling, glued on linoleum, and paint the 70's paneling. This is a low-budget reno. Just paint and new recessed lighting and more plugins. Anyway, I wanted to see how you were coming on your project and if you had any advice or regrets. Most importantly I'd love to see pictures!!