Paneling

[BobB]

Sean, Yes that will work, been there and done that on walls in basement. Figure on minimum three coats, starting with narrow knife, and using wider one each step. Also if you plan to use a texture ( sand ) paint, it will give a rough surface that tends to hide any ripples in the paneling. We went with a stucco, knock down style finish.
Good Luck,
BobB