It could, but it doesn't bend very well, depending on use.
rob, If the paneling indoors, you don't want to use this since it is pressure-treated. Your HD might have a non-treated version of these.
At the store, I picked them out.
I rather doubt it; do not believe it would be strong enough to sit on.
The strip is 96''L x 1.25''W x .25''D. This strip is wood but the exact type is not specified.
It is approx 1/4 inch thick.