Here is my situation:

The western wall of my home is always hit with the most amount of rain water. It then dips off the exterior in the general vicinity of the wall as well. When we built I never thought about the water that might be absorbed in the space between the first floor and the waterproofing at the soil line. We are considering finishing the basement and while we have never had any water problems I think it might be in our best interests to waterproof the outside.

I have thought that a drip ledge installed right on top of the waterproofing materials and then putting an exterior grade waterproof paint on the exposed masonry block. Does this sound about right? Anyone have any suggestions as to what "paint" is the best for this kind of project?

Thank you