Can I use Thompson water seal waterproofing to waterproof my basement??

I really should know the answer to this as I"m in the trades, but i do more commercial then residential, above grade applications, not below ya know. Anyways, refinishing my basement, and need to waterproof the block walls prior to frame and hang. Left in the basement was already about 20 gallons of thompson waterproofing, it says concrete, but is this good enough for my particular aplication below grade with weeping walls?? Concidering it's already here and free, sure would be nice if i could ya know, thanks gents. If this cant be used, what easily available product do you recomend, and avg. price per gallon. While i've got your attention, after i've waterproofed the block and cleaned the drain edge good, can i just put a layer of plastic over the block then frame and use standard r-11 (plastic is so that if walls weep, they dont soak the r-11), and is it really neccasary to insulate? it's not a cold basement, normally in commercial, i'd just mud the drywall right t
o the crete.

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