Most latex paints will adhere. I don't think you would want to do a "whitewash" effect on entire walls (that wouldn't be asthetically pleasing) the "white wash" gig is the latest fad for cabinetry and cuboards and small areas. For large surface areas you will need to prime the paneling before painting it and if it's light on dark it will take a few coats...I painted a couple of large paneled rooms a few years ago with just everyday latex and it's held up great.