A lot of question there Mahalea.
If you want a good quality finish I would plaster the underside of the suspended slab. You will have wiring etc. to cover up.
Use a Rondo 237 clip fixed to the concrete and then clip furing channel to the clip. This will give you about 30mm clearence to hide wiring etc. You can shoot the clips to the concrete or use a hammer drill and nylon anchors.
You will need to at least hang the plasterboard to allow the electrical fit off. Hang means nail the sheets on!! There is no real alternative to using plasterboard for its ease of use and quality finshed verses cost.
Go to our web site and read up on plasterboard installation, to get an idea of what your in for. Then come back and as specific questions about things you don't understand.
To answer all you are asking here would mean writing up a manual on plastering here on the forum. So find out a bit more then come back here.
Cheers Rod Dyson