I would terminate one cat5 to one of the modules for the phone and fax lines.
I would terminate the other cat5 to the other module for the computer network.
I terminate one cable to one module so if I only have two cables I only install two modules.
In the basement I would use a sheet of plywood and mount either a 66 punchdown block or a 110 punchdown block to the ply wood.
66 block is good for the phones and fax.
110 block is what I would use for computer networks.

[This message has been edited by A-Line (edited 02-19-2005).]