Today's building Codes allow for not only treated wood foundations instead of masonry but also provides for methods of wood basements with wood footings, floors, and walls.
YOu definitly will want to use treated wood, and you might want to waterproof the part exposed to dirt with a tar substance but it should not invite termite activity.
You have very little treated wood exposed to contact with earth. I live in a heavily wooded yard area with a wood deck that has treated wood posts in the ground and this wood deck has been in contact with the earth for 25 years and no termite activity has ever been present to date.
Use treated wood in contact with earth and use a rain sheild where water may enter the wall where exposed to weather and apply a tar to that area in contact with the earth. You should find no problems with decades to come.
Remember the bottom sill of your floor of a normal house is often exposed to the earth and in direct contact with masonry. What you are doing is quite similar to new construction activities. This is why the bottom sill is required to be treated lumber. It is done everday in new construction with no reports of inviting termite problems.
Let us know how you come out.
Good Luck
Wg
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