Jason wrote:
I'm having a contractor to build a short wall (sheetrock and 2x4's,
roughly 6' wide, 7' tall, and 5" thick) to help separate a rather
large basement into 2 rooms. The original plan was to connect one side
of the wall to an external wall, and leaving a gap of about 12" from
the top of the wall to the drop tile ceiling. The opposite end would
be a square column of about 12" that would connect to a beam in the
ceiling, cutting the drop tile to fit around this column.

I vote for curtains or room dividers.

Room dividers offer more flexibility - and are much cheaper than a wall.