We did stair treads. LVP in basement. White oak site finished in the rest of the house. Ours is a medium to dark stain though.

Ok, I’ll be first to ask! And, I’ll be first to say that you need to provide more pictures from more angles. I see only 3 steps down & small area so not a typical basement IMO. I do see the rough edge on right side of doorway. What construction has been done there? I see metal shelving to right of stair railing - how is that accessed because it looks like there’s not enough space to get to bottom 2 shelves. Can you clear out the miscellaneous stuff sitting on floor? And,, what what’s your want or goal? I see tankless water heater & stacked W/D unit in that small utility room What is to left of WD against that wall? Last - dimensions of that room & of the area to right of stairs will help in getting useful input. … ETA - the floor looks great!

I wish you would have put a opening or two through the lower walls into the living spaces. Anyway, I love stripes. You can evenly stripe both side of the lower stairway then put the upstairs wall color on the top stripe and transition to the lower wall color on the lower. Just continue the stripe around the one wall for an accent wall.

I would leave it all alone. I agree its part of the foundation. Had similar in a house one time. Its a great ledge to put decorative things on. I would make sure all are unbreakable though, just in case someone bumps one. The mirrors do seem to serve a purpose, so I guess, I would leave them, even though, I would rather have a large painting there. I would paint it a pretty color, not too neutral. Something a little fun.