Hi, 4mfern. I can't tell without seeing it, of course, but my guess is that the paneling will be easy to remove. Getting the wall ready to repaint will be more of a challenge. The paneling is probably just nailed through the plaster or drywall into the studs. You should be able to use a WonderBar (wide pry bar) with a wide piece of wood to protect the wall and pry the paneling off. Probably some of the nails will stay in the wall and you can pry them out also. Be careful of the nails when moving the old panels around.
When the paneling is off, wash the walls with Tri-Sodium Phosphate and rinse with water. Spackle the old nail holes and any other marks on the walls. Sand the spackle and the paint line where newer paint met the paneling. Use a sanding screen on a block that you get from the home center. Vacuum up the dust and rinse again with a damp sponge to get any dust off the walls. You are now ready to prime and paint.