Could you set the stud framing flush to the inside? The outside is a bit irrelevant if you are cladding the outside.
Are you covering the outside with breather membrane like housewrap? If so you want to be battening over the top with vertical tile battens and then the cladding. It creates a small cavity which allows air movement behind the cladding and allows any rain penetration to run out (it needs an open gap at the bottom with just insect mesh). Tyvek site has downloads showing typical wall make up.
