You can 'float' hardwood, and refinish. Just do it right the first time, cause you do not want to do it again. I'm in the middle of redoing a hardwood with a veneer 1/8 top, and am screwed as to what the hell to do with it. I had 2 little guys and one on the way when I did mine, so pre finish was what I needed, but the finish and veneer did not last but 15 years. I am really po'd that I did not just move out for a week and do it right the first time.

Armstrong makes a commercial vinyl product that looks just like hardwood. We installed it in the San Clemente Senior's Center Community Room and it looks real. You might consider that for your basement.
So far, we haven't specified it for a residential project, but I think it would be great, affordable and long lasting.