Is it acceptable to paint down the basement floor and / or seal it to keep the dust down. In the long term I would like to finish the basement with a wood floor are there any implications if I paint/seal the concrete basement floor now?
Well, depending how you installing your flooring..
If you are doing glue down, there are some glue that won't work with painted surface.
Also depending if the floor have any water issue, which also could cause the paint to fail and at that time any glued down floor may also fail.
However if your floor will be a floating floor or you putting a subfloor in then doing your floor on top, then it really don't matter much.
Paint on the Basement floor will not hold it's going to peel of very fast.Concrete is like a sponge just loves water ,more water the stronger it is and that is the reason for the cracks on the Basement floor. Biggest mistake Contractors make is to apply plastic on the floor then install floor on top of it,they trap the moisture under neath and bed odor and mold build up develops very fast.
Search the TrustedPros directory and discover the best contractors in your area.Find your home service pro