Drywall Over Tacky Wood Paneling?

[Christopher Winkler]

I don't see any rehab specific categories, so this looked like the closest one, though its not a diary. Moderators; if I am in the wrong place for questions about remodeling, can you please tell me where to post these or move the post. 

Maybe create a new category for Rehabbing Questions & Tips?

All the older houses here in Dallas have wood paneling for some reason, not sure why it was such the hip thing to do in the 70's, was it to give it that "ranch" feel??

Anyway, I see some that get painted over and it looks good, though when its cheap paneling like this, instead of having to rip it off and fix the glue damage, is it any benefit to drywall over it? I guess you need a bid on that vs removal and repair... Any helpful feedback is appreciated.

And while I am at it, is the cost to skim the circle ceilings like these going to cost about what removing drywall will cost, or again, do you just drywall over it? I just don't see it coming back in style in my lifetime, though I have been known to be wrong!