Ok...
decision has been made! Going with a wood burning insert in the basement. Will still need to figure out which brand and model - but we're moving forward.
As far as final decision reasoning...
First of all, there is my better half

She wants "a wood burner in the basement to help cut down on propane bills, not a mess in the living room" (ha!). Another thing with putting it on the main level, we would need to permanently change the look and function of the hearth and chimney - she doesn't want to do that with having the option of putting on in the basement (good point!). We can put a pellet in upstairs eventually if we need the extra heat source. Grisu - that's the only reason I asked about the pellet estimates.
Second, we are putting a pool table in the basement, in front of the hearth. I love to shoot and can't stand when something is in the way. I measured everything last night and I need that space - which is why I'm going with a insert vs a stove. Ideally I'd like to go with flush mount, again for the shooting space, but need to know a little more about the differences and options available. I also like the looks of the inserts better vs the stoves. I think it just gives the hearth a more finished look - and the look we're going for.
Finally, it's not just the mess, but it's going to be way more convenient. I'll be able to keep the wood right outside of our basement door - a few steps from the firebox. Going with wood vs pellet for sure. We have 4+ acres of woods and essentially free fuel. I know, I know, once it's seasoned (in a few years). I'll have to buy for this coming winter. And, don't worry, I'll be picking up a moisture meter this weekend!
Considering we have a really well insulated home, the open staircase, lots of returns and ceiling fans (including one in the center of the living room - not too far from the top of the steps). I think we'll get good enough air flow, heating the upstairs a decent amount, ultimately resulting in less propane usage. I've received a TON of great advice on here. I now know there are additional things I can do to help with convection if need be.
So, a HUGE THANKS to everyone and all of the input!!
Now it's time for specific insert research. I don't mind "overheating" the basement in order to get more heat upstairs. I just want to have the option to damper it down and still have it work efficiently, when we
are down there.
Thanks again!