Keep it simple by wrapping basement poles in drywall. If you are already in the middle of a basement renovation, chances are good there will be leftover drywall. Boxing the pole in drywall is the most cost-effective way of disguising it.
Wrap the basement pole in foam. If you have toddlers who will use the basement for play, pole wrap kits are commercially available, made from thick extruded foam. Easy-to-install foam pole wraps can save both kids and adults from stubbed toes and bumps on the head. All you need to do is measure the height and diameter of the pole, choose a thickness option and have it cut to size before ordering.
Turn the basement support pole into an architectural detail. Frame the basement pole out with molding and wood panels to make it look like an intentional design choice. It can either be a simple column with molding at the floor and ceiling or more decorative with the addition of shallow shelving and wood trim. Options include coating it with a clear polyurethane so the wood will show through as is, painting it or staining it to match the decor of the room.
If your basement has a design theme, decorate the pole so that it fits the theme. Use a lightweight concrete or polystyrene foam and stiff wire to create faux trees, covering them with artificial leaves or real hanging plants. Make the basement pole a conversation piece by painting it like a barber pole or painting graffiti on it. For young children, paint it in bright colors that match the color scheme of a favorite cartoon or children's book.