While you are tracing the profile...without moving the top rail...mark on the mdf the left and right edge for each slat. Then you can bring the mdf to the table saw and rip the exact width of each slat so when you overlay that template on the actual stock the edges of your template line up perfectly with the actual stock. Now you know your curve is in the right location for your tennon cheek You can waste some of the actual stock out on the bandsaw before using the bearing guided bit. You can use the same template for both sides. Just use the top of the template as the bottom when flipping it over.
My basement stays nice without insulation. Just a thought. Two by two can be shot or screwed into concrete. Polyisocyanurate (sp?) is a good choice for narrow wall locations. If you pre rip polyiso, then install studs as you go, you can ensure tight fit. Just noodling with you.
In terms of insulation you can do that, yes. Do you plan to build walls in front of the foam in the future or will just secure the foam with 1x3's directly into the concrete? It will be easier for wiring if you have actual walls. My recommendation is get a company in to spray foam on the concrete and frame in your walls in front of the spray foam. . Here we are not allowed to have exposed spray foam or polystyrene. So if you are doing this with a permit be aware that you probably can't keep the polystyrene or spray foam exposed for a long period of time.
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hey gary, foam board is not only flammable but puts out toxic fumes when it is burned, its especially bad in a vertical position like a wall because fire goes up. its a good insulation but it should be properly installed to be safe. i would not leave it exposed in a basement. i think plan B is in order, just my 2 cents worth