If it's nailed on, your plan should work--there will still be some prep and if there's any texture on the top, you'll probably have none on the bottom and have to match it.

But paneling is often glued on...it's not gonna be a fun job.

Ooohhhh. I hope it isn't glued! I am really looking for quick and easy!

Is it that bad? Maybe it would look nice painted? :)

That is the second choice. I just know it will have to come down some day, I was hoping it would be an easy DIY but if not then I will paint and when we have someone doing some other work at the house later I will have them cut it out and drywall.

We did the same thing that you want to do, strob, and there was no glue and there was full smooth wallboard. Wishing you the same ease with removing yours.

We tried to pull it off and while there is drywall unfortunately the paneling is glued. Getting the glue off was more work than I had time for before moving I so we ended up priming over it and are now going to paint it. We have some work that is going to be done around the house by a contractor in the next year or so and will get them to pull it down and fix it.