I would not try it. Paneling can be painted and it will look really nice if you paint it white or even a cream. I am not a fan of white but on paneling it looks clean and bright. I have painted paneling and it requires a good cleaning and a a couple coats of primer (Zinsser) and this will update the room. If you want to texturize then I would take down the paneling if there is sheetrock or plaster underneath and paint/texture the wall. Sometimes paneling is only nailed on with brads and comes down easily. But if it is glued on, well, that is another approach. Good luck. Hope this helps
If you are going to paint the paneling while trying to put a texture in the paint would in my experience probably not turn out too well, painting it, or texturing it the painting might turn out great. I like to skim the grooves with drywall mud to make the surface completley smooth but before that prime it with a flat alkyd primer. Once you've done that you could put an orange peel or knock down texture on it then paint with whatever you want.
I had paneling in several of my rooms (dark brown from the 70's ), I just painted over it leaving the grooves and I love it. Try one wall and see how it looks !