Good idea with recessed lighting. It will be very nice. Probably wouldn't hurt to GFI protect that circuit through a GFI outlet. This would ensure that if moisture gets into those lights it doesn't cause a problem. It's a $15-20 insurance policy, especially in a basement fish room.
I was going to suggest rewiring and running new outlets while you have it all down, but you are already thinking like me in a lot of ways. The lift is a stellar idea. Saves having to have 2-3 people holding a piece in place.
With the sheet rock, measure twice, cut once, especially with that recessed lighting. The vapor barrier can be stretched a little, but depending on the mil you get, it may not give as much as you think. I used a T50 stapler and a pneumatic stapler to put mine up. The holes in the sheet rock need to be spot on or the pod light covers may not hide your potential mess ups. Been there, wasted sheet rock on that.
Anyway, I'll be here to keep you on track. If you have questions or want to bounce ideas, I'll be monitoring throughout the day.
Cory