Do I need more than just Drylok to insulate concrete basement walls before framing out some walls?
The right way to do it is to have the outside entrenched and have any cracks patched with hydraulic concrete, drylock and delta board, as well as having new weeping tile put in below the footings.  Unfortunately, this will cost you about $100 - $150 a linear foot.  

Then I'd go with closed cell spray foam on the inside.  Metal studs are fine in this case, as you're going to stud out an inch or two away from the wall so they can spray in behind.  (Note: wiring and plumbing go in before the foam.)

Like I said, this is a very expensive process, but it will be done right, and it will last for a very long time.