Peel the Wallpaper or replace the walls

[Greggory Kowalkowski]

My partner and I are working on rehabbing a 120 year old property.  The walls throughout the house are painted over top of several layers of wallpaper.  Although it probably didn't look bad when it was first done, the walls now have a lot of boils and the paint job looks crappy.  We are getting a quote from a drywall expert who can peel the paper and mud over the bare walls.  We are expecting this come back outrageously high.  That leaves us two real options in my mind.  Spend several days/weeks peeling the paper and refinishing and painting the walls ourselves OR demoing all the walls and rehanging new drywall altogether.  I'm just wondering if anyone has run into a similar situation and could describe the pros and cons of doing it either of these ways.  Thanks!