Thanks for all the replies. I'll crunch some numbers with the info from CaptainPanic.
I installed a coil (since I had some excess material available) in the upper 200F chamber and was only getting a few degrees increase in temperature - very disappointing. If I shut off the pump and let the water sit, it heats up to 200, but the constant flow is too much for the 40' coil configuration to get a significant increase.
If the calculations don't show much better by changing the temperature from 200 to 400, it'll be time for a shopping trip to simply get a boiler. I needed the pump, valves, etc. to hook up to a boiler regardless, but thought I'd at least try it first using heat that is already available. My goal was to not have the basement be less than 60F when we have fires going (usually at least 4 nights/week).
I know I could get plenty of hot water in the fire box, but I wanted to avoid doing anything inside the firebox due to the risk of steam and explosions or leaks. I know I could get the temperature that way, but it had way too many variables for me to experiment in my living room with.
Does anyone think that using aluminum fins, similar to baseboard radiators for hydronic heat, would make a difference? I was contemplating less length of pipe, with a larger diameter and the fins may be more effective since it'll transfer the air temp better and the water will flow slower with a larger diameter of pipe? Any thoughts?