This siding was used a lot in the Southeast during the 80s and 90s. It was available in a Double-6 or Triple-4. LP Smart Side makes a woodgrain version of this, but I need it to be smooth.
Here's a link to the original product information. http://imgs.ebuild.com/xCat/ebuildWebB/15?ObjectID=24810&Variant=Original
We stock the LP Smartside Double 5 and Triple 4. The only option was to plane the texture off of it. We now offer it as a modified stock item. As long as you prime it really well, there shouldn't be a problem.