The trimming is lousy, wall boards bounce, large gaps...detail is horrible.In NYC i could get a total gut job and have installed: Proper sheetrock & durock wall backing, a new shower body with single lever handle & spout, porcelain floor tiles throughout, porcelain wall tiles surrounding the tub to ceiling height, tub, sink, new vanity, baseboard, prime and paint and 2 light fixtures for 10-13K. 

There are new commercial "super thin" porcelain tiles marketed for tile over tile commercial applications....so the cutting edge in building science apparently is buying in.  

I would suggestion latex modified in most cases, especially with porcelain ...

My personal favorite is porcelain tile as it's practically bulletproof and aesthetically acceptable here in Texas.

Do you suggest using acrylic showers/tubs or porcelain over steel?

I would buy porcelain instead of ceramic.

Our thoughts are to finish the full basement and add a bathroom there, knock out the wall leading to the kitchen to insert a breakfast bar, replace carpeting, repaint, and take off the siding and replace with brick or granite for an exquisite finish.

I bought 6x6 porcelain (better product than ceramic) for 22 cents apiece recently.

You think it's going to scratch the porcelain finish but it only scrapes off the nasty stains and makes it look great.

New products are out for us tub painters that now cause a MOLECULAR bond, that is, the paint will share an electron with the porcelain itself.