basement walls

40 year-old home with walk-out basement. North & East exterior basement walls are exposed. West & 50% of South exterior walls are buried. All basement walls are conventional 8" block. West & South walls have come in 1.5". You can see daylight between some of the higher blocks. I knew we had a water problem so I was not shocked to find the walls in this condition when I recently began to remodel the basement. Note also that water sheds towards the house on my West side and I don't think there is a perimiter drain. I should also note that I would like to move to the country in about 10 years. Obviously, I don't want water to ruin my new remodeling job so I am considering the following: 1) Excavate West and 50% of South exterior. 2) Replace West and 50% of south basement block walls with 12" block. 3) Apply sealer and plastic to exterior of new block walls. 4) Install perimiter drain on West & South exterior. 5) Backfill with stone. 6) Reshape West side to shed water away from home. I have an excellent excavator and mason available with experience in this. Questions: 1) Overkill/Necessary? 2) Suggestions? Thanks, bc

WHERE CAN i FIND MORE INFORMATION AND HOW TO FOR FINISHING A BASEMENT USING METAL STUDS ALSO, IS IT POSSIBLE TO USE TRACK LIGHTING IN A DROP CIELING THANKS