A: Hello Deb, PRO-555 Extreme Tack is formulated for installing wallcoverings where added adhesion is required. For most paste-the-wall wallpapers, PRO-880 Ultra Clear Strippable or PRO-543 Universal Wallpaper and Border adhesive would be a better choice. Be sure to your wallpaper's hanging instructions for specific adhesive recommendations.
A: it should work great
A: Used it for hide paste
A: This stuff is very thick. I used it on pre-pasted Wallpaper and watered it down. But I was using it on regular walls. So I feel it would work on the paneling. Sounds like you want to put it on the wall. I would put it on the paper and then hang it.