Sealing wood paneling

My house has a finished attic. I can tell it was done by a DIY previous owner. The walls are comprised of wood paneling over the studs with fiberglass insulation behind them. This winter, the attic has been fairly cold. Also, after a windy day the attic smells like the cellulose insulation that is in the unfinished part of the attic (as well as underneath the finished part, I'm assuming). It appears that there are some substantial gaps at many places in the paneling.
Is it worth it for me to go around with caulk and try to seal all of the gaps, or is trying to seal wood paneling not even worth attempting? I'd love to replace all of the paneling with drywall, but time and wife will not agree to that any time soon. I'm in Michigan, so I'd like to make the attic more comfortable in the winter.
Thanks in advance.
-Chris Snyder
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