Much depends on how much work you are able to do, and how much work you are willing to do, or how much you are willing to spend.
It is entirely feasible to replace piping and wiring with new flexible runs up through the joists so that the bottoms of the joists are clear to finish with drywall.
Painting wiring is not a good practice and IMO looks bad.
If wiring is protected from damage, it normally does not need to be in conduit. This is assuming the wiring is done to code in the first place. The type of wire which is installed in conduit is not the same as non-metallic sheathed cable. I have been in cities where all basement wiring had to be in conduit. There are sometimes local code exceptions.