You don't lose any data when you go back to basic, all the stuff is there, you just can't use the features. So for example the notes you put on cards in decks are still there, but you can't modify it. As soon as you resubscribe you can modify it again.
Based on this comment I adjusted the edition of the cards in all of my 40+ decks to the proper one (original printings mostly) and did set foil/language flags, during the free trial. Unfortunately most of these changes seem to be reverted after losing premium status.
Can you confirm that these hours invested are indeed lost or will the edition correct itself to my custom values when I subscribe to premium again?