Thanks to the advice of Mr. Green, we decided to basically replace all the pipes in our house before finishing off the basement ceiling (it's a lot easier to get rid of those nasty iron pipes when there's not any drywall in the wall - huh). But with most things involving home restoration, it's a little like peeling an onion...
The original plans were to just replace the pipes that were in the half of the basement that we were finishing. But after realizing that would take case of about 70% of the pipes, we figured the other 30% shouldn't be too much more. Turns out it wasn't - total cost $1250, which was about $750 less than the other estimate.
And oh yes, water pressure is much better.