I live on Long Island in NY in a house built in the 1930s with steam heat.  We recently gutted a previoulsy finished basement and are planning to re-finish it.  The space is now open and asbestos fabric is wrapped around the steam pipes and asbestos cement is caked on the steam pipe fittings.  There is no obvious flaking or bad deterioration.  Should I simply leave it alone and close the walls as they were before?  Or should I address the asbestos (I am not willing to do a full removal due to the cost)?  I may spray foam insulation along the tops of the foundation/sill plates to try to eliminate drafts, and I was thinking of encapsulating the fittings with the foam as well.  Any advice would be appreciated.  Thanks.