the foam you’re using is impervious to air infiltration. Not all spray foams are, and this is essential for your installation to resist internal condensation developing inside wall cavities. Polyurethane foam is one option that I know works well here. I’d also recommend creating drainage passages behind the siding before it goes down, to allow any leaked rainwater to trickle out harmlessly from the bottom of the wall. The best material I know for this job is DELTA-DRY rainscreen (905.563.3255). It’s a dimpled plastic sheet material that’s installed underneath the siding, creating a vertical space for drainage out of the bottom.

The good news is that your plan will result in enormous savings for heating and cooling. If your place is leaky right now, and if you upgrade all exterior walls and windows, I expect you’ll see at least a 60% to 80% reduction in overall energy consumption. Your house will also become draft-free and far less outdoor noises will be audible inside.