With regard to ventilation, damp air is heavier than dry. Since you are in a cellar, you will need a fan to extract the damp air, and a fixed vent of adequate cross sectional area, to allow fresh air to enter.
My suggestion would be to run a duct almost down to floor level, from the intake side of an extractor fan.
A bathroom ventilation fan, mounted at floor level, might be suitable as ducting will be available for the outlet side. Not too near the lathe to avoid the swarf that will fall onto it
(Possibly wire the fan to run when ever the lights are on?)
If the fresh air inlet is outside the building, do shield it to prevent ingress of rain or any other sort of weather.
Some fairly fine gauze across it may exclude flies/moths /beetles/spiders etc.
If you have damp, you WILL have problems with rust, on the lathe, other machines, and corrosion of raw materials and completed items.
Since you don't want to recirculate the damp air, the fan exit duct needs to kept away from the fresh air inlet.
Once the lathe is in position, you ought to set it level, to ensure that there is no twist in the bed, to avoid inadvertent taper turning!
You can either adopt the method advocated in the Myford 7 Series handbooks, or use a sensitive level across the bedways at headstock and tailstock ends. (You may need to use parallels or some form of consistent packing if you have a VEE bed).
You just keep reiterating the adjustments until any twist is eleiminated. My preference is for screw adjusters, rather than shimming the feet, to maximise accuracy. (My lathe sits on six 1/2 UNF setscrews and nuts, and the 20 tpi thread gives a fine adjustment).
I found when levelling my old Myford, that the torque applied to the mounting hardware would affect the level!
If you are planning to use pumped coolant, there is the additional complication of setting up so that there is a slight "run" towards the drain hole in the chip tray, whilst keeping the bed twist free.
Since you are imposing a heavy load on a few points of the flagstones, they may settle. So it will be worth rechecking the levels after a month or two, and from time to time afterwards.
Good luck!
Howard