You have one chance to seal basement walls. Using paint prior to sealing will null the ability to ever do it again. That being said, speaking from the experience of owning a remodeling company, and then working for a company that helped repair water damage it is a wise choice to do it now to help avoid any issues down the road. Just imagine having to rip out all your work because the walls developed moisture issues, and not only that but you will never know the extent of the damage until it is all ripped out. So if you think moisture is just in one area you cant take the chance of mold so it may all have to come out to check(worse case scenario). Drylok is a great yet difficult pain in the ass product to use. My suggestion is to do it. I dont know where you live or if your going with the whole permit thing, but keep in mind most cities now have egress requirements for emergeny escape. This could add several thousands onto your project depending on the route you go. There are premade fiberglass units as well as making something yourself, but either way the wall needs cut out which will run you several hundred to $1000. As far as insulation goes, alot of cities also make you use foam panels so far down below the freeze line also. Just a few things to keep in mind. Are you doing any plumbing work in the basement?