So the previous owner must have received a tremendously great offer on wood wall paneling because it is all over except for the kitchen. It is even in the bathroom, albeit paint a weird orange sherbet color.
I want to tear it all down but a HD guy in the paint department put a scare inside me by saying I don't know what's behind it... might be opening a whole new can of worms.
So my options are 1) tear it all down and hope for the best- which did not work out for me when I pulled up a bedroom carpeting... 2) fill the ridges with joint compound/wood filler - apply a layer of Killz and paint over it. 3) Either rip it down or not put 1/4" drywall over it.
Also, I should mentioned that on both sides of rooms there are party walls(it is a row house)will no studding - just solid(I think) party walls.
Any advise or pitfalls I should avoid on any of the three methods.