I'd want to damp proof the block with some sort of paint-type stuff...like one would use in a basement on the inside, if the outside wasn't really done very well.
I think you will find that fiberglass rolled will be cheaper than the foamboard.
Cheaper and more R value. Stuff comes a lot of ways / dimensions. Buy it to fit yoru stud spacing, unless you feel like doing a lot of cutting (which is relatively easy.
2" rigid foam board is R-13, but nearly a $1/sq' in area. Figure $2.50/sq' to fully stuff a 2x6 cavity. Call it R-33.
R-19 fiberglass batts 24"x48", 119sq' to a $68 bag, about 57cents/sq'
So about 4x the cost to get 60% more R value in the same framed space.
Don't try to stuff R-30 fiberglass in there, it supposed to be in a 9-10" deep space. Stuff it in a 5-1/2" thick wall and you hinder its effectiveness. I don't know to what degree though. You might stuff R-30 in there and get better than R-19 value despite being compressed. But you'll be fighting it during the install, too.
eta - keep in mind too that putting such large framing in is going to eat into your useable space. But if you want to run air lines and extra outlets, it might be worth it.
Or use a 2x4 wall, stuff it with R-13 fiberglass, for about 47cents/sq'. So a 2x6 wall, stuffed, will cost you about 60% more than a 2x4 wall