Designing Kitchens and Bathrooms - BathRoom Tile the Tub Area Q

Going to rip out my 1955 harvest gold (yea saw this color on another recent post) and tile the area above and around the tub - leaving the tub in place. Not sure what I will find behind the current enclosure.

Question is about some finish work: The faucets are on a wall sticks out into the room - other side of wall is the toilet. so imagine i will be tiling teh tub side of this wall and the other will be waynes coating paneling. The wall is 5 inches thick so the 5 inch area that sticks out into the room will be waynes coating too. I'm not sure how to "butt" up the tile and waynes coating on the corner (remember this is not a normal corner in a square room - this corner sticks out) - do i cover both with a small wood almost L shaped trim? I was thinking I'd do the waynes coating first and have the tile be flush and then caulk the 1/8 inch or whatever the gap may be?

I'm not sure if i described this correctly - if not let me know.

Any help is appreciated.

Can you post some pictures in order to visualize the problem?