While you could remove the drywall from the walls without concern about fire hazard (except in a garage), you would most probably uncover other hazards or obstacles such as electrical wires or gas or water pipes. Structural members and beams, and insulation could be there too, especially if it were an exterior wall.

You could achieve the same look with furring strips placed on the surface of the wall and put the decorative treatment over that with some rope lighting or led lighting at the top.