What to consider before removing a drop ceiling?
I think you understand the pros and cons, as you have listed them very well. However, if you’re considering renting the basement space out in the future, your number one complaint will be sound control: in both directions. 

Removing the existing ceiling and exposing the joists, wires, etc. is a personal preference , but will allow you to add/move lights, add sound control, etc. in the future when you know more about what spaces are going to be used in the rental. 

We just did this for a client, but painted the ceiling white. I think black on a low ceiling could feel “weighty”.