...I am in an unused corner of the basement...
I am going to be tossing a lot of information and questions at you, so if you feel overwhelmed or have questions yourself, let me know.
Is the area of the basement you plan to build your layout open? Are there any support columns located in this area? Are there any runs of conduit or an electrical box we need to worry about access to? Are there any wall protrusions? Look at the picture below. On which side of the layout will the 11 ft. section be against the wall?
Unless it can be determined otherwise, I am going to assume you have an open area with no obstructions, and that the constraining walls are longer than the length of the sides of your layout. Building the around the room layout will put two sides of the layout against your walls. We will keep the widths of these sections to 2 1/2 ft. max for reach. The two sides of your layout that are not against the walls will have a width of 5 ft. max (this will allow a 2 1/2 ft. reach from either side of the layout.) In the example below, the layout is against the back wall with a wall to the left. The pink area is 2 ft. wide, the orange is your 4'x8' area, and the blue could be used as a double track bridge that serves as a gate into the layout. By being able to get to both sides of the 4'x8' section, you could expand the width to 16'.
If you are more into operating than watching your layout, you could turn the layout into a point to point in a G shape and/or add a second connected level. If you want to sit in the middle of your layout, and watch your trains run, this layout will be fine. There are many ways to get creative with the use of space.
It looks like you are using AtlasO track in SCARM. Is this the track system you intend to use? What is the minimum radius you require for your locomotives and rolling stock? Do you intend to run a single or double main line around the layout? Will the yard you are thinking about be used to store trains or will it be a working yard?
Once we get the dimensions of the baseboard set, figuring out a track plan will be easier.