Should we treat the wood for termites while we are re-siding our old house?

Our old house is unsheathed and was poorly insulated with blown-in before we bought. Now, we suspect due to the rotting lower edges of siding and peeling paint, that the previous insulation got wet, slumped down at the bottom like a soggy towel and now keeps the north side of the house too moist to hold paint and rotting at the bottom. 

So, we are going to carefully peel off each board, hopefully salvage most, and clean out the wall cavities before insulating, sheathing, and re-siding. 

My question:

Should we take this opportunity to treat our wood with borate spray and further protect the house's frame from damage?

Or will treating the wood result in damage to our plaster--say if there should be some overspray to the wall?

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