Well I had the waterproofing company come out tonight. You can read the details here if you want. As it relates to the basement the short version is I am not doing what they suggested. I am instead going with and idea my dad suggested. It is to put a large kick board or floor rail of 6-8" in height around the outer wall. This way I can easily remove it and get at the wall if I need to without having to rip out sheetrock.
It is an interesting idea and I will try to refine it as my project progresses. The addition I came up with is some moisture or water sensors. I could run them under the floor and place them around the room. This way I would know if there was an issue and do something about it using the nifty gap I have created.

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