In the first portion of my basement layout, I put a drywall ceiling up over it, painted white to reflect light. I have had to cut through it in one place to install a shutoff valve for an outside faucet. The hole is not visible behind the valence, so I did not need to patch it, and I have access to the valve. For the bulk of the ceiling over the layout and in the center of the room, I air-stapled black landscape fabric, which is easily cut for access to plumbing or electrical fixtures. In one place, I cut a flap to give access to two valves, held up with velcro. The only problem I've experienced with the fabric is that it is not opaque. Lights behind the valence can bounce light up through the fabric and over the valence into the center of the train room. It is much much cheaper and less labor intensive than any other ceiling option. I learned about it on the OGR Forum.
My home is almost 100 years old. The black pipe hot water heat is original. The domestic water copper is a replacement of unknown vintage.
I did rewire all the old knob-and-tube accessible from the basement before putting up the ceiling cloth.
I do have a plastic pan under the washing machine with a drain that empties directly into the sump. This floor to ceiling pipe is behind the backdrop. Before I had the pan or a layout, I had 2" of water in the basement from the washer.
I have had a drip from a valve on my layout--a bad O-ring on a bleed--no serious damage to the layout and less than $1 to fix. Who can say about the future, though? My last plumbing leak did in the foyer ceiling, but not a drop on the layout.
Personally, rather than spending $$$$ on plumbing that still works, I'd put the dollars into the hobby and fix what breaks when it happens. There are things I'd do differently if I were starting over. Maybe a future plumbing leak will force some improvements?