Funny thing, I helped a buddy of mine price a new basement wood stove addition (including chimney), and it was around th $4000 range, adding 4 cords per year at $150 each is a $600/year operating cost. After doing some math, we realized that it was much cheaper for him to put in a DIY geothermal heat pump in the long run. All-in, materials were about $6,000, and renting a backhoe for the day to lay the horizantal pipe field was another $500. It costs somewhere in the neighborhood of $40/month to run in the winter months (Nov - Mar)which is about $200/year, and it saves on the A/C costs for the summer. It's a 7-year break even for just heat alone, and probably half that for heat and cool.
And back to to the OP, my in-law's had a basement that needed constant space heating in the winter as well. We did a complete reno down there including using 1/2" foam insulation between the cinder blocks and the drywall. We also put in a radiant floor heating system in, but we never hooked up the pipes! The insulation gave it about a 15 degree bump down there, and it became comfortable. So ripping out drywall and reinstalling it with insulation is labor intensive, but relatively cheap in terms of bang for the buck.