1920’s home with cedar walls... what to do?

[David Lewis]

We’re removing all the lovely wood paneling to find 1x8 cedar planks. My question is what to do with the cedar planks. Leave exposed and coat with polycyclic, whitewash, etc. or install drywall, texture, and paint? I love the thought of leaving exposed if possible. I’m also looking for the most cost effective method but want to do the “right” thing for this this era home.