My basement floor has been painted about three times and the paint is chipped off pretty badly. My wife suggested putting down peal and stick tile but I am concerned about the tile lifting. I was at one of our local building supply stores and was considering a floating floor, the type where all the pieces lock together and a vapor barrier is put down first to look after the moisture.
Answer:
My fear is that some of the adhesives on peel & stick tiles re-act chemically with the paint that's already there. If you have an area where it is out of the way, try laying in a single peel & stick tile and leave it there for a month to see if its still stuck. That should be enough time to test it. It would even be better if you were to walk on that tile as often as possible (perhaps daily) just to give the ultimate endurance test. If it stays, I'd have no qualms about doing the rest of the floor. If you decide you no longer want it there, set the iron to "wool", lay down a couple sheets of paper towel and iron it. The adhesive will be heat activated an you'll be able to lift it off.