Yes, it can be done. If you like the 'finished look' of painted paneling, then you're all set! If you can ask around to see if you can 'find' anyone of your friends or relatives or friends-of-friends that had it done, it may be worth taking a look-see. If you know a painter, perhaps he/she can get you a look-see. Even a paint Retailer (like Sherwin-Williams or Finneran & Haley, etc.) may be able to refer you to a finished room at a client, or something. If you have those 'gaps' between the panels, you'll see them. I'm only saying this because if you think you're gonna get a 'finished look' like smooth, drywall, you're mistaken.