If you plaster flush to the inside of the timbers, won't your corner posts completely disappear? And the braces and girts will be buried in the wall?

I like that wall as well, and will be building a variation of it this spring. I would also add foam over the sheathing for a number of reasons.

When I've done walls with infill framing, I've used two methods to deal with the plaster/timber interface. You can just plaster or flat tape to the timber or you can use zip strip for a reveal. If you're using old timbers, or if you're working on your own house and you wait 5 years to finish it (who me?) there's very little timber shrinkage and movement.

The other option is what we call zip strip, I think it's actually called trim tex tear-away bead. It's usually spray adhesived over the sheetrock, and then skimmed over with plaster or mud. It makes a very clean even reveal. It probably could stick to a basecoat of lime plaster, and then be skimmed over. Or maybe could make your own version with a beveled wooden ground?

I will be putting 3 coat lime plaster on the walls of my house in a few weeks. I'll let you know how it goes.

Gabel, sounds like you need to build.

Oh yeah, hadn't thought about corner posts...if you held the plaster back 3/4" from the face of the frame you'd have a funny little triangular column of wood in each corner. Maybe run a lamb's tongue chamfer on the edge of each corner post for a point of interest?

For braces I like Gabel's idea of orienting them to the inside face of the frame. Any reasons - structurally speaking - why this would be less ideal than centering braces or holding them to the exterior face as usual?

Miles