You really don't need the lime inside the cob mix..
In fact I'd strongly urge you NOT to do that! Keep your cob just cob and use a nice
lime plaster if y'er worried about the weather.
You'll want a knee high "foundation" of sorts, something that can handle roof
drip splash, diagonal rain and whatnot.. Perhaps a nice lime mortared stone or urbanite (reused sidewalk etc.) stacked job. I'd build a short cob sill on top of that, say a foot of just cob, then begin the cord-wood. Finish with another foot of solid cob, they'll act like bond beams.. Top off with a roof featuring wide, protective eves and away you go.
Where you will have long term trouble is if you leave the end grain of the cob
wood visible. I know it looks good in the pictures and all, but leaving the wood/mortar (cob in this case) junction open to the elements (and the critters) is ASKING for issues. Cover it WELL! This is where the plaster work comes in. I always begin with an earth based plaster of clay slip (
local clay rich soil, soaked in water, mixed and screened) and chopped straw. I make it good and thick for riding over humps and filling in the lows, put it on pretty thick and even sculpt a little with it..
After that basic coat you got options, typically earthen or lime or a mix of both, depending on what you and the building/site requires.
If you DO plan to insulate, remember to keep the thermal mass INSIDE the insulation, with you...
Seems obvious (and forgive me if yer already there) but you'd be surprised at how many people don't get this one. Let me repeat and rephrase; the insulation
should go OUTSIDE of the thermal mass, NOT the other way around..
A good friend of mine has used lambs wool mixed with lime as insulation.. He stuck it on the outside of a cob building in Minnesota where it gets 40 below, lime plastered over it and it works like a champ!