Are you going to paint the walls, or wall paper or what?
In my opinion, you will have to end up either floating the walls over the glue or installing new 1/4 inch drywall over the old.
Now, you can remeove the glue areas by gouging the glue off then patching the areas and retexturing and painting. This could be quite a problem.
Are the walls already void of the paneling? You might think about just priming and painting those panels. This is very popular now and many people are converting the dark paneling to a new shinny white surfaces.