Hi Henry, there's a whole thread devoted to this over at This Old House: https://www.thisoldhouse.com/discussions/topic/paint-distress-faux-wood-paneling-walls Hoping it helps, good luck!
Yes, you would do it the same as a piece of furniture. Here are some different ways to distress: https://www.unexpectedelegance.com/7-ways-age-distress-furniture/
I use a few methods. Sandpaper is the easiest. You can put some stones on the floor and lay the board on top and push the board down on the stone. You can hit the wood with objects like chains,hammer etc
You could use sandpaper to distress in areas it would naturally distress such as edges