No.

(my bad if I was ambiguous) I meant you could put the foam up but don't seal it. 2 vapor barrier = bad in my book. The vapor barrier always is more effective on the 'warm' side... and since you're doing the basement, I assume the warm side is the inside. So I would choose to use the poly over the roxol, and directly under the sheetrock. *instead* of making the foam a vapor barrier.
To be honest, I'm not sure I see an advantage to putting up the rigid foam panels in the first place. The r-value/inch is nearly identical to mineralwool batting (about 4.2 for roxol, and 3.8-4.4 for foam panels depending on type). so it's not 'better', and to form an effective vapor barrier out of the foam you have to go through a whole hullabolu, of tape or sealant/foam... it's a PITA for no advantage in performance.
Generally, the only advantage to rigid foam is when you are trying to get some r-value out of a narrow gap (like a garage door, or door for example) where batting wont fit, or can't be used.
Since your install is meeting an R-12 minimum code requirement, you HAVE to use 2x4 stud depth (

or 3 1/2" I mean), might as well use standard batting, and put a poly sheet over it, it'll be a helluva lot cheaper and easier than even messing with the rigid foam in the first place. poly is dirt cheap, and you don't need thick stuff).
bottom line is it'll save you money and time to not bother w/ the rigid foam at all, just slap up the batting, poly over it, and put up sheetrock. you can rest at ease knowing it's the greenest most energy efficient layout (unless you want to upgrade to 5 1/2" or 2x6 studs --

j/k), meets code, and is the cheapest method.
now that I think about it, there is *one* more thing you can do... isolate the studs from the concrete. they have this thin roll of ridged foam which is designed to seal the gap between foundation and base plates (for frame on block or panel construction). it acts as both a sealer, and an isolation membrane, decreasing the heat leech from the concrete. it's not a big effect (and probably not worth the effort (the cost is minimal) energy savings wise)
attached is a pic of the label and product just in case you care.