I have bought an old cottage that I plan to renovate. The house was built in the early 1900s. I plan to install joists on the floor and insulate, the attic is already additionally insulated. But now to what I am wondering about, namely the wall construction. Currently, the wall construction looks as follows: Masonite, tongue-and-groove paneling, stud frame (surprisingly, no insulation here), exterior siding.

My idea: Tear down the exterior siding, add insulation to the stud frame (120), then install horizontal joists with 45x45 and add 45 insulation, then apply wind barrier paper (windy) and battens for ventilation and put the siding back on. Then address the existing interior with new 45x45 framing to run some electrical and insulate from the inside. I was thinking of putting plastic on the walls inside? Will that work as I've heard that old cottages should ideally have vapor barrier paper. But since the function will be like a new cottage now as I'm adding insulation from the outside with wind barrier paper. So Plastic or Wind Barrier Paper?
The construction will thus look as follows: Gypsum board, plastic, 45 joists with 45 insulation, tongue-and-groove paneling, 120 joists with insulation, 45 joists with insulation, wind barrier paper (windy), battens, and finally siding.

How does this sound? Any opinions or tips?? All is welcomed! :)
 
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