I havent done it myself, but the previous homeowner did the exact same thing on my 1926 house. It seemed to work out fine.
One piece of advice. While your doing it, go as deep as you possibly can. The one mistake my house has is that they should have gone another foot deeper IMO. In the scheme of things, one more foot of digging isnt much for what you get.
I suggest you figure it like this. Figure out what ceiling height you want at the lowest part of the ceiling, usually under the support beam, then add a foot more depth. Its easy to lower a ceiling in the future if you want, but once the concrete is poured, its hard to go deeper.
Oh, one more thing to consider. If your house is like mine, I have a 6" x 8" wood beam with several support poles. If you can afford it, replace that now with steel. You can usually get rid of all or most of the support columns and it will make your life easier when your trying to plan the rec room space.