Why would you need insulation on the ceiling in a basement? Since the ceiling is touching a heated space itself, there is no need if you will then be using the basement too. Insulation there should be done only for soundproofing, unless you have radiant underfloor heat installed, in which case, the insulation should have been done already as part of the installation. So insulation really only offers soundproofing value. So the question is, how much noise will be generated there?
Counterbalance that with the rationale for leaving this space accessible. I've often enough needed access to the underfloor regions of my home, for wiring changes, plumbing changes, repairs, etc. So any insulation may be better done as fiberglass batts anyway.
As far as the walls go, filling the cracks is a reasonable idea, IF they are stable. If the walls have moved due to frost heaves, etc. and might continue to move, I would ensure they are stabilized before you cover the wall over. A buckling foundation wall is not something good to have under your house.
I remember Neillsville from "The Rock" radio station. ;)
So, to answer the question, we need to know where the water is coming from. You mention that it's due to a high water table.
As such, I'd not ever finish the basement. It will always be one power outage or one clogged drain away from being ruined again.
It also means that your dehumidifier will never 'win'. Basements are moist by default simply due to cooler temps, but if you have constant hydrostatic pressure, it will always be an uphill battle.
Your (what I call) interior footer drain will certainly help, but you're at the mercy of the drains always remaining unclogged and the sump pump always having power. You'll also have to make sure it can handle excessive rain during those big midwestern downpours.
If it was merely an occasional rain/snow melt issue, I'd feel OK finishing the basement, but given the high water table, I'd consider rethinking doing a full finish project down there.
If your water problems are primarily at the footer, It may be OK. As that is exactly what the drain system is designed to handle. But if you have actual cracks in the walls and water is coming in there, I'd be definitely be hesitant.
One other note...a bit further west into MN, the clay soil we were on had a lot of radon. So you may want to get a radon test before thinking of finishing the space as well.
Oh, one last comment: note that the systems being proposed are in no way 'waterproofing' systems. They are water abatement systems--in that they are designed specifically to not be waterproof and actually allow the water to come in so it can be moved out. It's a nit-pick, for sure, but actual waterproofing is an entirely different discussion.
Best Answer
Efflorescence is caused by water or moisture permeating through concrete. When the moisture evaporates it leaves behind what ever minerals it accumulated. That is what the fluffy white residue you described is. It is easily fixed by cleaning the efflorescence with a mild acid (vinegar or citric if you prefer to keep it green) or CLR or Lime-away. Once clean concrete can be sealed with a tinted concrete latex paint (Dry-Loc) or a clear sealer that should prevent water from migrating inside.