Kelly,
That was an outstanding reply, although not the answer I was seeking.
There happens to be a "normally-sized" basement window in that room, but years ago I had it converted to Glass Block, so..., wouldn't be an egress point, and not sure it would have qualified for such even had I not glass blocked it.
I see you "think like me" though, about not calling it a "Bedroom" when/if I wanted to make the bathroom plunge.
Although I wouldn't even have to mention a "bedroom", or even "rental unit" when applying for plumbing permit for the bathroom. It's not unusual to have a basement bathroom installed, and, the layout of the house has a rec-room across the hall from where I've planned that bathroom.
As I indicated in the original post/question, the basement's set up well for a small apartment. The rather large rec room has it's own (center-wall) fireplace. And that room has 2 large "window-well" windows perfect for egress. Plus the room's large enough for a "Murphy Bed" if I "had to" claim a bedroom to the City.
The room on the other side of the fireplace wall is where the furnace is located. But there is ample room remaining for a nice-sized kitchen (conviently located under the main kitchen for plumbing purposes) and even has enough room for an eating-area/space.
Then there are 2 storage rooms next to that, plenty for just that purpose, although I wouldn't have access (well, I could, with that stipulation).
I'm talking myself into this project, have you noticed?
THANKS for your observations and feedback.