Listen to Uncle...
Uncle Buck said:
"Once you have the foundation and walls poured and covered over with earth, you notify the building inspector that you are finished. Any other future modifications to the home would more than likely go unnoticed."
You might want to read the above twice or more.
Aside from the ventilation issue, which is huge, going to the local authorities and explaining that you want a range in your basement might bring you to the interest of all sorts of agencies, including ones you may not have known existed.
You might hear, for example, from the EPA, who will be vastly interested in measured lead levels in air, water, and building materials. In fact, they might gently explain to you that you have incurred future liability should you try to sell a house with higher-than-allowable levels of lead; and that said house might require an environmental cleaning, which they will contract and supervise and you will pay for.
You might hear from the local Sheriff, who might label you a local whack job, and who may - depending on a number of factors - pass along your vitals to the Department of Homeland Security, who may send a few guys out to chat with you. Do you fly often on business? That could become more challenging.
I'm sure you've heard of Janet Reno and her infamous report on the Rise of Right Wing Extremism? Google "DHS report on right wing extremism", or click here for a primer:
http://www.docstoc.com/docs/5410658/DHS-Report-on-Right-Wing-Extremism
These guys LOVE to hear about folks who "stockpile" ammunition and build ranges in their basement. They get sweaty and start breathing heavily.
So by all means, do as you wish. KMO's advice to check with an attorney to identify your legal responsibilities is wise. Just realize, though, that you can be legally within your rights to build a range in your basement, and still earn yourself all sorts of unwanted interest by doing so (and attempting to obtain appropriate authorization from the local government to do so).
Much depends on the circumstances in your particular case, whether such an endeavor would be barely noticed, or would cause all sorts of excitement in your life.
Good luck with that!
Doc