I assume you mean you want to drive nails into the wall after
it is finished to hang things on.
It would have to be very good panneling to not crack under a
load. I wouldn't do it. I would end up hanging something too heavy
on a nail and it would come out.
A better idea is to figure in advance where you want to hang
things and put a 2x? between the studs at that height. Or put a board
up over the drywall that spans the space between studs.
If you want to put the panneling undereath to have something
to attach drywall to, no, it won't work. Quarter-inch is not
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