Painting - Painting Basement Ceiling

I have a 1948 home and I am trying to update the basement on a budget to make it a gameroom/utility room. My plans are as follows...

Phase 1 - Install track Lighting (Complete)
Phase 2 - Paint Ceiling
Phase 3 - Frame and Drywall Utility area
Phase 4 - Paint all walls
Phase 5 - Install carpet and linolium

I have the track lighting installed but now I want to paint the ceiling. The ceiling has lots of wires running between trusses and exposed duct work. I am planning on painting it all flat black. My question is this, what is the best way to do this? Would it be crazy to do all spray cans? Should I rent a compressor and do it this way? If so, what type of paint should I buy? How much to do about 750sq-ft? What kind of prep-work is needed? Any type of walk through info would be appreciated. Thanks.

Dave

Spray cans would be unreasonable. First off, check to see if it will pass code to paint all the wires/ductwork. After you find that out, we can help from there.