We are performing a deep energy retrofit on an historic brick home in an HP district in a mixed climate, climate zone 3 (Oklahoma). The outside appearance can’t change, so our retrofit has to be done from the inside.  The walls from outside are brick veneer, 2″ air space, tar paper, 1×8 sheathing run diagonally, 2×6 studs, lath and plaster. 

We have removed the lath and plaster to insulate the exterior walls.  Since we can’t use rigid foam on the exterior, our idea is to use a vapor open peel and stick air barrier on the inside of the sheathing, lapping onto the studs and sealed with tape, mineral wool insulation within the studs, 1″ fiberglass faced polyiso on the inside of the studs, 2x3s run horizontally to create a channel for electrical and to attach new gypsum board.  The wall should be able to dry in both directions. Since this is backwards from normal, do you see a problem with this approach?  

Also, we are having brick restoration to make it as water-tight as possible.  The restoration company wants to use waterproofing on the brick after completing re-pointing.  They believe weep holes will not be necessary because of the waterproofing, but it seems to me that weep holes at the top and bottom are needed to facilitate air movement and vapor drying behind the brick. Am I thinking correctly?

Thank you for expert advice!