Insulation, Radiant and Vapor Barriers - Insulation of the rim joists

I am removing ancient fiberglass insulation covering the rim joists. On top of the joist is John's Manville strongboard (like a fiberboard) and in front of that, closest to the inside, in some places, is some fiberboard. I plan to seal cracks, of which there are plenty,with Great Stuff and then put in unfaced fiberglass which I will cover with plywood scraps or sheetrock so the fiberglass is not exposed and shedding particles into the basement. There is a low budget available for this project. Are there any problems with this idea? Also, if I only get to replace some of the old fiberglass should the faced stuff that is there now face in or out? It is going different ways in different places.

It was either building science or fine homebuilding today but I was reading about using rigid foam in the rim joists, not batts. The foam, if sealed against the joists so that they're reasonably air tight, will limit warm air getting near the cold parts of them and thus the associated condensation issues. Costs of the insulation should be nearly immaterial in this; batts are a lot cheaper but for rim joists you don't need a ton of material anyway.

The kraft facing should go on the warm side of the insulation, although the kraft is never sealed well enough to actually be much of a vapor barrier. Here is a link that may help:
RR-0202: Basement Insulation Systems — (http://www.buildingscience.com/documents/reports/rr-0202-basement-insulation-systems/view?searchterm=basement)

Bud