what do you mean by toe paneling?

Do you mean shoe molding? If so, either match your floor, or match your baseboard. Your call.

If it is shoe moulding you are talking about, match the baseboards.

Depends on how wide your baseboard is. If a shallow baseboard, I agree and would go with white to match. That way the baseboard appears to look wider. A stained shoe-molding would cause the baseboard to look even more skimpy.

If your baseboard is deep, I'd go with the oak stained to match the floors. I have 6" wide, white painted baseboards topped with 1" stained oak shoe-molding. I like the stained because it does not show dirt, scuff marks, etc. The painted white shoe-molding that is in my bathrooms between the baseboard and tile show dirt more readily.

I would skip the shoe molding, unless it is a new floor.