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I can understand that you want as much 'exposure' of your question as is possible. Duplicate postings don't 'afford' you the benefit of multiple Pros 'talking back and forth' with each other. With that, I've enclosed the link of your duplicate post.
I suggest (to the Follow-uppers) that the ABOVE link be used for threading.
With regards to your question, why wouldn't you just use Wainscoating where Wainscoating 'makes sense'? It can be used for specific purposes and, hence, 'rule out' other materials. YOu could use solid wood but you'd have to custom-mill the pieces. As for fiberboard, I'd skip it completely.
RE: Gypsum Wainscoating (good luck): Try these Suppliers Gypsum Mfgrs. Paper, Plaster, and Wainscoating
My best to ya and hope this helps.
Jay J -MOderator