Is insulating basement ceiling or first-floor walls more effective?
If your walls are not insulated, then the walls need to be.  If the walls of your basement are insulated then no insulation in the floor joists should be installed.  If your basement is not insulated, then you should have insulation with Kraft Faced paper installed with the paper side against the floor of the upstairs.  Or have closed cell spray foam installed in the floor joists.  You can have someone come in and foam the walls to ensure a complete fill of the wall cavities.  That would be the most efficient way of insulating your room.