Just about any projector will work in either direction in your basement. At a 14' throw, just about any projector will give you at least a 100" (diagonal) picture. That means that you could use either wall and get a pretty big picture.
There are plenty of sites out there that will help you calculate the size of the picture at a given distance for a given projector. There are also calculators that will help you determine the best brightness (lumens) for your situation (ability to darken room, throw distance).
If your room has no windows or it is easy to black them out, you'll find plenty of HD projectors with low lumens (brightness) for reasonable prices that will suit your needs. I would guess that you would need about an 800 lumen projector to make a 100-120" picture in a completely dark room. That should be easy to find.
I recommend using a screen with a matte finish (not one of those glass-beaded ones). You'll probably be fine with a white screen (the gray ones claim to improve contrast, but require higher lumens). If you don't mind the screen being permanently attached to the wall, you can find the screen material (and black mask for the edges) pretty cheap on e-bay and simply build your own frame to stretch the fabric. There are instructions for how to do this on the Internet.
If you want a motorized, tab-tensioned screen (like I did), they're still pretty expensive (I paid $1650.00 for a 120" screen).
You can usually expect about 3000 hours from a lamp, unless you have lots of power surges at your house. Each projector is different though.
You can find reviews, calculators, and lots of information (including a tool to select a projector that meets your requirements) on
http://www.projectorcentral.com. To find a projector that meets your needs (price, brightness, etc), click the "Search by feature" link on the left side.
There is also a "buyers guide" to help you understand the meanings of all the specs.
