II have good lighting down there so that's not a problem.
I thought about white or light green for the vertical surfaces. Any pro's
and con's on either or any other ideas would be very much appreciated.

I like the idea of soft bright pastels like lite green or blue. Sand tones
also work well. Grey is so bland. I'd do the floor in a brown shade,
especially if a living space is somewhat involved. It's not much trouble to
recoat every 3-4 years.