Mark, my friend, that is a beautiful Gehrig. As for the framing, I don't feel there is a right or wrong, it just depends on you. If you want to frame it, go to a good framer and work with them to determine a frame that will complement that great painting and not detract. I think if it was me that I'd leave it unframed.
As for finishing up your basement, I would be willing to fly out at my own expense to help you finish it up. My only fee would be your signed Alston and Stengel Sport magazines...and maybe one of the Mantles!