Mold in Basement
Are shock level ozone generators a valid and reliable method to wipe out mold in a finished basement?
No. Ozone generators have not been shown to be particularly effective in mold remediation. Not that ozone won't kill mold, but getting it to the right place and keeping it in place for a long enough dwell time is almost impossible with completely tenting the structure making it highly impractical.
No. All the mold covered drywall, studs, etc... have to be removed and replaced.
Moldy drywall needs to be replaced along with any other porous material that is practical to replace. Wall studs and framing are problematic to replace and if in otherwise good condition, can be treated in place.