You'd only have to paint (or apply panda-film, etc.) the walls, to the height that you think your plants will grow you don't have to go painting the joists on the ceiling. Also the lining material for the inside of drawers and shelves is very similar to Panda-film and the others like it. If they have it near you for cheap, for instance at WallMart or Target than you could use that. Also i am a Landlord, i manage 30 commercial buildings and 11 Residential Units, and if a cement basement went from grey to white it would make no difference to me. But if your in a situation where the landlord is a homeowner just renting out extra space, they are usually alot pickier.
And i dont suggest hanging homeade lights with nails and string, do it right. Get chain they sell chain with up to 200lb test for $00.50 cents a foot at home depot, and hang it onto something sturdy. Or you can get a RopeRatchet/light hanger Yo-Yo. If you wish to make your own reflector thats fine but dont use Aluminum Foil, if you do make sure you make it as flat as possible because it reflects heat better than it reflects light, it might even be better to use the dull side. They have just plain sheet metal, or round metal ducting you could use someone made an excellent thread on here once about DIY relector, but i dont have the link so that doesnt do anybody any good, just search around you'll be straight.
Eventually you should get a PPM/EC meter, but a PH meter would be a good investment even just test strips (the liquid sometimes gets confusing depending on what nutes your using). Test strips are cheap like $7.00 bux at your local hydro shop or Educational Warhouse/Hobby Store they should sell Litmus Paper for like 100 strips for $3.00 bux.