Lots of sensible advice in this thread. Many good suggestions.
I have been doing B&W chemistry on-and-off since 1985, and have yet to notice any ill effects. In the past year I have been doing my own B&W in my basement about 2x per week, in a spare bathroom. No health issues.
Back in the late 1980's, I was experimenting with silk-screening. I was running exposed half-tones onto screens. To leave the negative image on the screen, we had to rinse and prep the framed screen with xylene. This was in the days before MSDS's or any common sense about such things. I remember pouring xylene over the frames without ventilation. After a minute or so, I got light-headed and the entire surface of my body broke out in alien-like red bumps.
Needless to say, I quit silk-screening after that incident. Never did it again. I figured that making fun T-shirts wasn't worth liver failure or bone marrow cancer.
Regarding the OP's topic: I agree with other posts that it depends on your own individual sensitivities and methodology. I live in a newer house with a conventional bathroom fan. That's all the ventilation I use for my developing.
In my (uneducated) opinion, B&W is relatively benign. That isn't to say the chems shouldn't be treated respectfully.
I've experimented in doing my own C-41 at home, and let me tell you -- that seems much worse in terms of harsh chemistry. Harsher by orders of magnitude. The blix smells like raw evil itself and looks like dragon's blood (as a visual example ... I've never actually seen dragon's blood!)
I use HUGE amounts of ventilation when I do C-41 or E-6 at home. Innately, something tells me these chemicals are far worse than plain-old D-76. I wear industrial gloves, run fans, open windows, and limit my exposure as much as possible. I even bought a respirator, but haven't used it yet -- although I should.
I have read about guys doing C-41 in their kitchen sink with their bare hands and I think that is unadulterated foolishness.
Anyhow, best of luck setting up your darkroom! Yes, there are risks, but with a few sensible precautions you'll be 100% fine.