Basement wall advice...

Excellent condition poured concrete basement wall that is 42 years old. Moderate dampness basement. Winter 5 months a year here so about 15 freeze-thaw cycles (Ontario Canada).
I have a preexisting partial studded frame in place built by the previous owners that I want to continue along the length of the basement wall plus reinsulate and drywall.. There is lots of plumbing rough-in place so I want to avoid tearing down the part of the frame that is in place.
I am thinking of scraping off the crappy latex type concrete paint they previous owners put up and coating it with a alkyd masonry paint. Then I thought about running Tyvek or some other breathable membrane between the studs and freshly painted concrete, putting in new batts of fibreglass insulation, then run a polytarp membrane then screwing up the drywall.
With this method what will I need to consider down the road to minimize moisture and mildew damage. This particular stretch of basement wall is shared in the same place as the furnance/blower/coldair return room.
Does anyone else have any idea or expierence to share with me?
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On 9/24/2010 9:28 PM, The Henchman wrote:

When I finished two walls in my basement, mostly exposed to exterior, block was unpainted and with advice from a contractor, I put down a layer of polyethylene sheeting before studs and insulation. Exterior is perforated board for hanging tools.
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