Need help; going to do my first drywalling

First of all, is there a good website on the subject. I really don't know anything.
This is in my basement, primarily to keep dust and noise in my shop. It would be nice if it looks good, but that isn't the primary reason. Though my wife might not agree. I intend to put the drywall up, and worry about the tapping and stuff some time in the indefinite future.

But two questions....
1)One wall is 12' 0.5". How do I handle the 1/2"? Do I leave a little space on all 5 sides and figure tape and mud will cover over? Do I leave the half inch on one side and put some molding over the gap? Or something else?

2) If the drywall is 8' and the studs are 8' and the top and bottom plates are 1.5" each, the drywall won't cover everything. Do I put the drywall on the floor and screw to the bottom plate and studs? Up higher and screw to the top plate and studs, or in between and just to the studs?

I wanted to put up cheap paneling, but my wife thought drywall would block the noise better.