This is not my pic... First time user on this app.

I don't think you need to add tongue in groove wood paneling in order to achieve a rustic look. This interior is rustic/modern with a few well placed wood beams, reclaimed or distressed wood furniture pieces, some whimsical cowhide, and touches of wrought iron in the lighting and table base. Search rustic interiors on houzz to get some helpful ideas.

Good thoughts- do a photo search on rustic.