I had the foundation contractor leave the metal tabs from the foundation pour on the inside - they usually knock them off, but they were 24" apart. I nailed up the studs, base and plate, and then used screws and washers to secure the studs to the tabs. Works great, and is very rigid, plus it bridges irregularities in the wall.
I used pressure treated lumber for the base. Were I to do it again, I would leave a gap at the floor. That way, if water ever gets in, you can find it and fix the problem. Below grade, the difference in insulation value should be negligible. I'd leave enough of a gap to be able to vacuum the bugs out, but small enough to cover with baseboard.