Wow. That's kind of a big deal, is the more usable basement going to be
worth the money and effort ? Here's a pictorial history from some
fellow who did it.

http://www.k2ah.com/house/jackinghouse.html

Assuming the house is frame, not brick ?

I sympathize, half my basement has a ceiling suitable for trolls, the
other half gives me about 3" clearance.