One full year later I am finally at the same place, with a few upgrades along the way. Before we poured the new floor, I insulated around the exterior with 2" foam to help reduce how much heat is lost to the footings and walls. This has left a gap to insulate with spray foam and still allow for a full stud space. So I can also insulate with roxul inside. Is this overkill in a basement, absolutely. With the current grant, this will allow me to maximize my return.
Finished the exterior framing, and moved on to spray foam. There is no better way to insulate, especially in a basement where there is a lot of moisture. This will ensure that I dont' have any mold issues and it keeps it nice a cozy.