Re-siding Older Farm House

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I have an older two story farm house that has aluminum siding on it that has been painted several times. We want to take off the aluminum siding, put on aluminum soffit and fascia and vinyl siding. The house needs to have some blow in insulation done in the walls. My question is, there is wood siding under the aluminum siding, do we strip the house down to the boxing, blow in insulation, put on foil faced insulation panels, tape the joints and put on new siding. OR leave the wood siding alone, blow in insulation, wrap the house in house wrap and put on new siding. I know the insulation panels will give me more R value but taking off the wood siding is a big mess and more labor costs.
Thanks for your help.
West central IL.

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