Personally, I try to keep the drywall up off the floor (by feet if possible) in basements. Basements have a habit of getting wet and drywall wicks the moisture right up the wall. Using something like paneled wainscoting or beeadboard for the bottom row of sheathing isn't expensive and allows for easy replacement. No idea how code feels about this, but I have had to help fix a few basements that were destroyed by 4" of water or less and I would hate to have that happen in my house.
Another vote for vapour barrier in your system. a) I wouldn't expect 1" foam to have the dew point inside it (I expect it will be in the Roxul) b) it's not a vapour barrier
From Owens Corning:
1” FOAMULAR® sheathing actually has a vapor permeance (1.1 perm) that is higher (passes more water vapor) than the commonly accepted definition of a vapor retarder (1.0 perm), and, higher than ½” OSB (0.70 perm), commonly perceived as an acceptable sheathing. So, from that perspective alone, FOAMULAR® passes more water vapor (is less of a vapor retarder) than does commonly accepted OSB sheathing.
So far, it looks like poly is required on the inside if the foam is less than 2"...
I also contacted the manufacturer (Foamular / Owens Cornering Canada) yesterday who simply suggested to refer to our local building codes.
EDIT: Received an email which stated -- "In most cases, Foamular can be considered a vapor barrier at 2 inch thickness, but you'll need to check your local building codes to see if it suffices as one to their standards."
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