As far as materials, Icynene foam would work well, although it is pricy. Dense-pack cellulose would be less expensive & perform almost as well. The only electrical concerns would be if the exists the old "Knob & Tube" wiring. This would be a matter of concern no matter what material is used. It would also be a concern if the cellulose is blown oover non-IC recessed cans. Here again, this would hold true for any material used.
As far as settling, Dense packed cellulose is blow in at greater than settled density, eliminating settling.
As far as interior or exterior installation, as a proffessional installed, I would opt fro interior. The reasons for this is 1/ Easier to go through wallboard than brick 2/ To dense pack, you need a big enough hole to insert a tube up & down the cavity. The usual way of blowing through brick is to drill a hole through the mortar joint & just blow in straight at different levels in the cavity. The problems are more holes & a less consistant pack.
If you are determined to go through the brick, you would probable be better off to go with the Icynene.
What I've done on jobs where I go through the interior is snap a line at chair rail moulding height & cover the holes with a decorative chair rail.