I have electric baseboard and feel your pain regarding the $$. Many years ago I switched to pellet stove on the main floor and starting playing with a coal stoker in the unfinished basement. I quickly realized that coal was the way to go. I removed my pellet and replaced with LL Econo II on the main floor and a harman mag in the basement and ran them for a few years. My wife complained a bit about the dust but found it be be an acceptable trade for the big time money savings. This was best heating decision I ever made......Until..... I bought and installed a LL AK110 furnace in the basement. Ran my own ductwork, which was quite a summer chore. But the cuts on my hands healed with minimal scaring and once all the blood was cleaned off the basement floor, I realized this was now the best heating decision ever made.
No dust upstairs, less time spent filling 2 small hoppers and dumping 2 small ash pans,only having to go down to tend to the furnace every other day (I have gone 4 days once while out of town) and a nice even 71* heat throughout the house. I installed an automatic damper in the master bedroom with separate thermostat which keeps that room at 68*. I live in a raised ranch so running your ductwork will be much different. Also I already have clay/cinder chimney.