My house has thin drywall walls that have been covered with dark brown paneling. I want to insulate them, but I want to know how. Since the house was built in 1949 a friend of mine noted that the paneling has many coats of paint and is possible a few of the layers of paint contain lead. The outside of the house has the asbestos siding that can be covered but I just want to paint the outside. Can I use the sheets of pink foam and add drywall??? Help.