nysharps,
If you decide to use either option 1 or 2 as outlined by Chris, then read the following:
How much bearing on the concrete wall will will the steel beam require? If the bearing is only two or three inches, then there could be some concrete left in the wall behind the beam. For example, if you have a 6" thick concrete core and the beam required 3" of bearing, then it would appear that 3" of concrete could be left in the wall. However, that would be for a perfect world. I would make the beam pocket 4" into the concrete core on each end of the beam. This would allow some extra space while placing the beam.
Now if you use option 3, that is, cast the beam in place, then you may not need the extra 1" of maneuvering space. That is, the concrete could flow all around the beam. My only concern about that method is whether the temperature will ever change enough in the basement to expand the steel and crack the concrete. Since the beam will be in the basement, I think it is unlikely that the steel will expand enough to crack the concrete in the walls. If there was any concern, then 1" of EPS could be placed at the ends of the beam to absorb the expansion.
Another thing:
If headroom in the basement is reduced too much with the beam being under the floor trusses, then the beam could be embedded (hidden) in the floor trusses. If doing this blocks the flow of HVAC and plumbing lines, then beams like Metwood that have holes through them could be used. See:
http://www.metwood.com/products/throughspan The throughSpan type of beam will allow some utilities to pass through. I think the hole size will be governed by the height of the beam.