That's how I painted the Dark panelling in my Friend's Basement Rapaire.
Degreaser, Nylon wool, Primer (there are Primers made just for this job, Sherman Williams)) Prime in between the joints of the panels first with a good Brush then Roll primer onto the whole panel. Do it in sections. Allow to dry for 12 hours,less if you have good ventilation. See how much of the panel color bleeds through the primer once dry and maybe apply another coat of Primer if required. If Primer covered well. 2 coats of choice of Paint and viola.....2006...rather than 1950!
It makes one hellava diffrence for sure.
Good Luck
Jude