I own a Cape Cod that was built in the late 1940’s.  For it’s age, it is fairly well insulated (rockwool batt insulation in 2×4 cavities).
 the front of the house is a full width covered porch.  I am currently rebuilding the porch deck with pressure treated lumber.  Next I want to remove the old aluminum siding from this part of the house and cover the existing clapbords with T1-11 siding  (we just like this look in small doses).  I do not not currently know the condition of the original clapboards and will not until i remove the aluminum.  Once i remove the aluminum I will caulk any cracks, etc.  Of course, if the original clapboards are toast…then i will have to go to plan B, not sure what that is yet, but it will come to me.  Half of this front wall is our bedroom, the other half is our LR.  when I redid the BR, i put 1/2″ foam insulation on the old drywall, added 1/2″ drywall and finished the walls.  So the wall profile in our bedroom is: 1/2″ drywall, 1/2″ foam insulation; 3/8″ drywall, 2×4 framing with batt insulation and clapboards.  teh LR wall profile is paneling, 3/8″ drywall, 2×4 framing with batt insulation and clapboards (there is no insulation between the aluminum siding and the wood clapboards….I do not think that there is any wrap between the aluminum and the original clapboards.

So, my question is….is it worth my while to add another 1/2″ (or more) of foam insulation on the outside of the clapboards (I know I have to build out the window and door frames?  or am i asking for moisture issues…especially in the bedroom?  (this house is old enough that any moisture has come out of the framing.

or should I just put a house wrap on the front of the house, put the T1-11 up and call it a day?