Finish wall to joists?

Is there a requirement that non-load bearing walls run all the way to the bottom of the joists? Here is my situation: I am planning to finish my basement. The exterior (poured concrete) walls are 9' high (we paid extra when they built the house). Checking all around the basement, I find that if I install a drop ceiling about 7'10" above the unfinished floor, I can have a flat ceiling - no boxing around ductwork, pipes, etc. What I want to do is to build all the walls 8' high (using metal studs) to minimize cutting. Walls against the foundation I would anchor to the concrete with a 1-2" wood spacer along the top track of the wall (sort of like a horizontal furring strip). This wood strip along with the top metal track would act as a firestop.

Is there a fundamental problem with this plan? I notice that the offices at work are framed pretty much in this way, but that is commercial code (vs. residential code).

 

You have a good plan and it sounds like it will work fine. Have fun. Good Luck