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Insulated Vinyl Siding AND Foam Board...Is it TOO Much?

There are a group of us renovating a 110 year old home.  The house is on top of a hill AND next to a major road and High School...so it gets nailed by the weather (wind) and noise concerns are a major issue that we have and several of us are "VERY energy conscious".  So we had been debating between installing "insulated vinyl siding" OR "Foam Board with regular siding"...the idea is to increase the R-value (as much as possible) and reduce sound.  BUT, and here is the question, some in our group want to use BOTH ideas.  So we would cover the house in foam board and THEN add insulated siding on top of the foam board.  We have researched and talked to many people and everyone is all over the map on this one.  Some love the idea, some think it is crazy. (We did find one article that actually encouraged it, but no articles discouraging it.)  Some were concerned about moisture between the two foams, others loved the increased R-values.  Has anyone done this? What were your results?  We are looking for factual information...we want to solve this issue before it slows the project down. :) 

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