Peter,
You shouldn't need to locate the compressor in the basement (if you're going to use a compressor like the Jun-Air). My Vibraplane's compressor is so quiet, it sits out in the listening room, no more than a few feet from my listening position - even if it happens to kick on while listening, all you hear is the click of the relay tripping, it runs for about 20 seconds, and that's it. I believe they were designed to run dental tools - sharp pointy instruments and sudden loud noises don't go well together! Aesthetically, the compressor is a bit of a conversation piece too.
You shouldn't need to locate the compressor in the basement (if you're going to use a compressor like the Jun-Air). My Vibraplane's compressor is so quiet, it sits out in the listening room, no more than a few feet from my listening position - even if it happens to kick on while listening, all you hear is the click of the relay tripping, it runs for about 20 seconds, and that's it. I believe they were designed to run dental tools - sharp pointy instruments and sudden loud noises don't go well together! Aesthetically, the compressor is a bit of a conversation piece too.