(I know a Marty in CO. You wouldn't be the same Marty, eh? Just kidding!)
Before you get too far in this project, I'd like to see if I can help you determine for sure if your idea will do what you want to do (keep out the cold.)
How much of the basement is above the ground (or below it)? What is the wall made of? Is the basement finished? Is it heated / cooled? What's normally in the basement? Have you tested the wall for moisture especially if the wall is below ground?
Reason being is because you may need to do more than put up insulation board. In the meantime, check out Insulation Board. Maybe it's for you??? My best to ya and hope this helps for now.