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That is definitely not banging. You just have a noisy water meter. You may find that your water purveyor doesn't care if the noise bugs you or not. But you might wheedle a meter replacement from them, but don't expect it to make a great difference.
If you had real pip
e banging you would run for cover - it is that far beyond what you have.
Try reproducing this by turning on all your hose bibs-- it may not be as apparent because the hose bibs usually create a lot of noise.
Frankly, the drywall concerns fall into the "tough noogies" file, because water meter access is not yours to impede. If the water company wants to switch meters, they get to do so even at the cost (all yours) of a Texas Chainsaw Massacre on your finished basement. Consider modifications to allow easy swapping of meters.