I don't think that literally making your own sips would work that well. But there's another option that gives you almost the same result, and is much easier.

It's usually called wrap and strap. For example on a roof, you could lay down your interior finish, rigid foam sheets over that, spray foam the seams, tar paper, and put 2x strapping over that, screwed through the foam with Oly type screws into the rafters or purlins. The variations are endless with interior finishes, types of foam, solid sheathing on the outside, or vertical strapping for siding. Just make sure you get a good seal between your sheets. Framing details for rake and eave overhangs need to be thought out as well.