pine T&G paneling remodel

My fiance and I are about to buy a house that is a 1950's Ranch home that hasn't seen any remodel since the day it was built. The interior walls and ceiling are medium to dark dark stained t&g panels with multiple ridges (there is probably a technical name for this). Ar there any suggestions to modernizing this finish? My father suggested sandblasting prior to moving in and paint a light finish ans drywall ceiling. Would it be shameful to drywall it all? How about a leaving the pine up to chair rail height and refinish?

Stephanie