Corning has some foam insulating panels specifically made for basement walls that interlock to provide the vapor barrier...you may want to look at them. If you ever got moisture up from the floor, the cellulose would be a big problem in the walls...the foam generally doesn't absorb anything.
I would think you wouldn't need that much space behind the studs, and you might think about buying a kit to spray the foam in after you get the wiring in place. You might want to consider plastic conduit for it, but that may be overkill. The R factor can vary significantly between different foam boards and the type of spray on, should you choose one of those. I think I'd avoid batt fiberglass where there have been moisture problems.