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Whether you can reuse a drywall anchor depends on its type, material, and how it is removed. Plastic anchors, such as expansion or self-drilling types, are generally considered single-use because they are designed to expand and are likely to break or become deformed upon removal. Metal anchors, like toggle bolts, are more durable and can often be reused if they are not damaged during extraction. However, with toggle bolts, the toggle mechanism can fall inside the wall when the bolt is removed, making it difficult to retrieve. If an anchor is damaged or must be cut for removal, it cannot be reused regardless of its material.

To hide drywall edges, you need to properly apply drywall tape and multiple layers of joint compound. These materials hide the seams between drywall sheets and fill the holes from drywall screws, leaving behind a smooth, flat finish to paint over. Apply joint compound smoothly, and finish the job by sanding the walls to make sure you fully hide drywall edges and other imperfections.

Whether you need a drywall anchor depends on the specifics of your project, particularly what you're hanging and where. You do not need a drywall anchor if you can screw or nail the object directly into a wooden stud, as the wood provides sufficient support and stability. However, if there are no studs in the location where you plan to hang the item, you should use drywall anchors to ensure it is securely supported. For very lightweight objects, like small pictures, adhesive picture hanging strips can be a suitable alternative to anchors.

When choosing materials for finishing basement walls, consider factors such as moisture resistance, durability, and fire resistance. Opt for materials specifically designed for basement environments, like moisture-resistant drywall or cement board. Insulation with vapor barriers can help regulate temperature and prevent condensation. Consider using mold-resistant paints or coatings. 

Research and consult with experts to select materials that are suitable for your specific basement conditions and intended use. Prioritize quality and compatibility to achieve long-lasting and aesthetically pleasing results.