I had this same challenge (as will every other basement studio). What I ultimately did was to build framing around the ductwork, so as to effectively exclude it from the room I was building. Then, I stuffed insulation between the framing and the ductwork. I took care to ensure there was no physical contact between the framing and the ductwork as this would provide a nice transmission path for the sound. THen, I sheetrocked over the framing, caulked, put up some RC and sheetrocked again.
Ultimately, you could hear the airflow through the ducts, but it was so minor it wasn't an issue except for soft vocals. In this case, the rest of the house froze or sweltered (depending on the season) until the elusive killer take was finally captured.
THe nice thing about a basement is you rarely need duct openings as the temperature is fairly moderate due to the earth mass.
Good Luck!