Hi, Randy. In my opinion, no it will not. It will look good right after you do it but eventually you will have problems with the joint compound. The fiberglass will be a big help and considerably lengthen the time before problems appear. It may also hold up until you decide to redecorate the room again butonly you have a feel for this. I invite you to search the board by hitting "control-F" and following the instructions. There are many posts asking similar questions, some indicating problems, but I don't recall any where the fiberglass is included in the comments. By the way, some posters incorrectly spell it as "panelling" so include that in your search.