Kevin,
I'd be very cautious about plastic sheeting on both sides of the wood. Code here (Calgary, Canada) used to require a moisture barrier between the studs and concrete wall from floor to joists, in addition to the required vapour barrier. That proved to be a moisture envelope -- so code was changed to require a moisture barrier four feet from the floor or to ground level.
In practice, as long as a basement does NOT have a plastic moisture barrier from floor to joists, the city inspectors are happy. If there is a full height moisture barrier, they will ask you to cut large X's in it .. to open it up.
Why not phone your municipality and ask what code requires .. and what their experience is.
Ken