Have walls that are approximately 8.5 ft high. If I use standard 54" drywall for the top half of the wall and 48" for the bottom of the wall I will be right at 8.5".
Will this be a problem with taping? Any other issues to watch out for in a basement?
Actually the drywall will be 8'6". So you'll need to cut off one inch.
But it's best to keep the drywall a 1/2" off of the floor when installing the new drywall.
So in total, you need to cut 1.5"'s off of the drywall.