Phil, lots of options to consider. As long as everything stays dry, it can be an easy installation, but I would plan it so that wetness can be managed pretty easily.
first, is there a waterproof barrier on the outside of your basement walls, or just inside? Even with the system you linked to, there is always the possibility of water working its way through the blocks At higher levels. If your block is unfinished, there are several epoxy-based coatings that will help, but they nee the rough surface of the concrete to adhere properly.
Second, I prefer attaching the furring strips to the block directly, especially if you intend to put weight on them (as in around the walls benchwork). Both Tapcon and Hilti make fasteners that are up to the job, but they will punch holes in the block which may become weep points if you have high ground water and/or a failure in your hydrostatic system.
third, I'd stay away from beadboard insulation, and go with either the pink/blue extruded foam, or the more expensive but higher R-value yellow Polyisocyanurate board.If you go with a 2x2 for your "stud" you will only be able to add a 1 1/2 inch think foam board to the cavity since the 2x2 is really a 1 1/2x1 1/2. Depending on your budget you can also get spray foam kits that will adhere to the walls and the studs, and then get sheared off when they set.
Finally, make sure you layout your electrical system before any of this, and check you county building department for height from floor requirements. Even in dry basements, outlets are generally put 3 feet above the floor. Running the wiring and installing the boxes with the wood in place but before insulation is probably also a code requirement, as is keeping certain kinds of insulation a certain distance away from the wire. And you will probably have to use plastic outletboxes as well.
Hope that helps,
Philip