Greetings Big Daddy O,
I would think that it would depend on the size of the basement.
Also, I would go on line and do a search for "Gun Ranges". You will probably find a range in your city.
I would ask the police where they shoot?
Generaly it is against the law to discharge a firearm within the city limits but the loophole (usualy) excludes inside your own home. You should check on this first.
I would think that you could safely build a lane but, I would check the sites of magazines like Guns & Ammo, NRA, etc.
Good luck & trigger locks,Jason
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