Basement block is porous. You definately need a good french drain and make sure the drain will not plug with silt.
I placed flush side pipes on my drain so that I can flush the french drain. I also place the drain cloth over the pipe in the drain rock.
A block wall is only strong in the vertical direction. Hydraulic (water pressure) can crack the wall, if high, even if you seal it.
The skim coat seals the wall and provides a little strength in the horizontal direction.
The other option is to place a layer of foam over the block and then seal the top of the foam. There are two options here sheet foam or the urethane spray foam. The application of the spray foam has a urethane water proofing top coat.
I don't know about the Dow Styro foam systems I believe they seal the wall under neath and the apply then bond the foam on the top for increased water resistance.

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