Cost effective insulation for a 100 year old home?
I'd go with rock wool batt insulation in the stud bays.
Rock wool has several advantages over fiberglass.  Better sound deadening ability.  Better fire resistance.  R-value unaffected by moisture.  Low air permanence ( slows air down = slows heat loss ).  Higher recycled content.
Tape and acoustic seal poly on the interior stud surface for your vapor/air barrier (climate zone 5 is vapor barrier on the warm side of the insulation).  Once you've got your drywall up if you want better air sealing get aerobarrier to come in.
Spray foam insulation over time will crack so the air sealing ability is over-rated.  The propellants for spray foam are not typically very environmentally friendly.  While the foams are treated with a chemical to prevent fire spread they will burn when they burn they emit toxic fumes.  The fire retardant chemicals are not non-toxic - avoid putting chemicals in your house if you can.  Spray foam if improperly installed can be stuck in a non-cured state and continuously release volatile organic chemicals (VOCs).
I still use spray foam but I try to minimize where I use it.