Remove hot water baseboard - insulate - replace

Hi there,
Posted here a few times for opionions about the best way to proceed. Here's another job I'm working on and would appreciate someone's opinion who has been there, done that.
Baseboard hot water system replace by forced air last year. I have been slowly removing the old piping and heat shield. Behind the shield is typically block wall (whole house is block/plaster exterior) with 1x2 strapping for the plaster and to hold the shield.
I have been filling gaps and cracks with foam or caulk, subject to the size of the crack. There is some room for insulation, but not much.
Should I just put roxul or pink insulation behind the wall and then a vapor barrier and finally, replace the trim? It's 10" high throughout the house, so I don't think I need to re-plaster/drywall before affixing the trim.
Presumably I need something firm to hold the trim level with the wall - what about insulating with 1" styrofoam which I glue to the 1x2 strips? And then vapor barrier and finally trim?
One other option is the silver-looking rolls of foil with air bubbles between them. Would that be an appropriate vapor barrier/insualtor, used in conjunction with styrofoam?

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