Well, first I suggest that you reconsider on the wallpaper. Most wallpapers will strip easily if you know how to do it. Secondly, latex paints can lift the wallpaper, even if it has been primed properly.
But, if you insist, wash your walls with a strong cleaner and make sure they are well rinsed and allow to dry overnight. The sand the paneling with 100 grit paper to degloss the surface, then wipe the dust off with a damp sponge, and allow to dry for a short while. A fan in the room will shorten this process. Prime both paneling and wallpaper with Brunnings "Grabber Plus" primer. This primer is an adhesion primer and lives up to it's name. It will stick to any surface you get it onto and you will not be able to get it off, so be careful with it.
Some inks used in the manufacture of wallcoverings will bleed through paints, if this happens, you'll need to seal over the "Grabber" with a stain killing primer like KILZ or BIN.
For finish paints, I reccomend Benjamin Moore's Regal line of paints. Easy to use and wears well.