T-1-11 is fine to cover the insulation board.As stated you need to follow manufacturers instructions on rigid board glues on concrete and studs.
The idea you are useing without getting into to much science is a good one.
The less wood and sheetrock (organic materials )in a basement the better.
Also staying away from fiberglass insulation is also a good idea in basements that get mold.
You are in the right direction with steel channels and foam....
Keep on buildin....