I take it you are retro-fitting? If I were to use the rigid insulation, I think I'd want a professional grade expanding foam caulk to really make a good seal.
This will be expensive if you do much of it. If this is new construction, I'd reccommend researching cold-climate systems that wouldn't require such intensive detailing.
Either way, pay full attention to sealing at plates, corners, wiring penetrations, window casings, etc etc. I've seen "super-insulated" houses with gale force drafts blowing through the walls. The entire system needs to be integrated.
What lake?
Pete