Yes you are in the right place!
Yes that is a good sized room!
Yes it is treatable!
Only things that are scary about basements are the fact that they are usually brick/concrete, which is good and bad. Good on an isolation level, but bad on an acoustic level. And as stated, low ceiling height makes it hard to work absorption on the ceiling which is needed often, especially if hard floors.
The fact that your length is almost double your width, you may have some strong modal peaks. Combine this with having hard walls and you can get some nasty problems. But, the room is large, so it makes it a bit easier to treat!
The thing about small rooms is there is a lot of compromise on space, so we end up building thinner panels with higher gas flow resistance to compensate, but it still doesn't end up doing as much justice as larger panels with lighter material.
For instance, you could take an entire 3 foot deep area, the entire 12.75' width of the place, and just fill with cheap, fluffy attic insulation - all the while you still have a great amount of floor space left - and it will do some massive
damage to low frequencies. Porous Absorber Calculator - Results