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Composite is a possibility but a VERY expensive option, I bought 2x4 composite material for my own deck and each 12' piece cost $35.
The most cost effective method would be treated bottom plate is a must with standard studs and top plate, if your looking for a medium price range then full treated material plates and studs, try to find and use dry material (Lowe's/HD are very often wet), the biggest drawback with all treated is any fasteners you use in it must be ACQ approved (not just galvanized) and that includes any electrical wire staples etc...
Obviously everything you do to prevent moisture is a plus, IMO the best prevention is to stop it coming in to start with, I'm all about stopping the problem before it's a problem (exterior coating) but with that done and a coating on the inside your 2 for 2.
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