Besides not liking all the LR in the tank, I only have a 29g tank underneath that is being used as my sump. I figure if I go through the floor then I can have more of everything! More water volume, a huge refugium, a frag tank connected to the main system and very easy water changes. I will also be great to finally have an ATO. I'm pretty sick of adding water daily to keep everything in check. Unfortunately I don't have a room to use on the opposite side of the tank wall so I think the basement would be the best bet. Having half the water in the basement at all times would probably help with any heat issues in the summer too.
I tried to go over the pros and cons but all I keep coming up with are pros. The only con that I can think of is busting out the hole saw and cutting through the hardwood. I need to come up with a plan and then I'm gonna go for it.