Hardwood Floor Squeaks - Fixing Squeaks or Removal of Hardwood Floor for LVP
Pull it.  You can probably remove it easily enough that it comes up undamaged for the most part.  Save it if you want / put it on CL someone will take it off your hands.  Material wise that stuff is $3.50 a sq ft new it is only 1/4&quot; thick and yours has probably been refinished in the last 70 years, probably has some dents and not as thick as it was previously.
If you remove it you'll be able to address any issues with the subfloor.  When you pull it you'll likely find that your floor is diagonal laid solid wood.  Use screws to make sure the subfloor is well fastened to the joists.  Run a straight edge around the room and build up any dips (SLC, wood, etc).  Make sure there aren't any squeaks - if you are living in the basement you'll hear everything.
If the subfloor looks dicey pull it and you can put roxul insulation into the joist bays to give yourself better sound protection.  Put back 5/8 or 3/4 tng plywood.  Put a radio on loud and go into the basement to see what you'll need to tolerate.  I'd also get some friends to do some running like children do upstairs while you are down so you get an idea.  I have 2&quot; concrete, 3/4 subfloor, spray foam, roxul and 5/8&quot; drywall - I can hear that conversations occur I can't make out the words unless people scream or are really loud.  Music is pretty dulled, I think it comes out through their windows and back in mind easier than through the floor.
If you need wiring updated in the basement this can be a good time to access the portion in the lights without ripping out your ceiling.