Move a bedroom to the basement to create master suite??

[Brian Beadle]

Hey all, I am currently looking at a property and it a 4/3 1880 sf with a finished basement and all bedrooms upstairs. I like the fact that all the bedroom are upstairs but to do this, the builder made the master the same size as all the other bedrooms. Fortunately the master does have a small three piece bath attatched.
So here is my idea. Let me paint a picture. Four bedroom on the second floor, on in each corner with a decent size full bath on on side. When you walk down the hall the master is on the end left with another identical bedroom on the end right. I would like to knock down the wall between the two bedrooms and create two larger walk in closets and a small sitting area.
I would then move a bedroom to the basement(which is finished) and put in an egres window to conform to code.
Question 1: is this a cost efficient idea? I have not gotten quoted for the egress so I have no idea how much this would cost, I'm assuming a grand or two.
Question 2: can I now count the basement as square footage? I have heard that if you install an egress you are now able to count the basement as living area.
So if this idea falls in my favor I will have a double size Mather suite with his and hers walk in closets, a much larger bedroom downstairs, and an increase in sq ft from 1800 to 2600....
Is this a realistic idea or am I just dreaming to big?