Paneling and Trim - Installing wood on top of Sheetrock

I'm looking to redo some large walls in my home with wood paneling. Attached is a pic for reference but I will most likely be laying the planks top to bottom instead of left to right. My question is what should I be nailing into? Just go with the studs? Or do I need to put install plywood or additional railings on top of the drywall? Also any thoughts on the wood species would be great. I want to go somewhere between medium and dark with the stain. I am currently thinking red oak. Thanks for any suggestions. Karl

http://www.razorheadnyc.com/wood_wall.jpg

Welcome to the forums Karl!

Hanging the wood horizontally [like pic] makes it easy to nail the boards to the studs. If you hang it vertically, you will need something to nail the wood to - studs are typically on 16" centers and occasionally 24" centers. You could install horizontal furring strips to nail the planks to.

Whatever type of wood you choose, it would be best to stain, poly, sand and dust and apply 2nd coat of poly prior to installion. The final coat of poly should be applied after installation.

I know it sounds like a lot of work, but IMO, I would remove the sheetrock, install horizontal perlins about 4" from the top, at 48" and 4" from the bottom along the wall you want to replace. this gives you sufficient nailing surface, and you gain back the thickness of the wood on the wall you would lose with applying it over the sheetrock. In addition if there are any doors or windows involved, removing the sheetrock will allow for the original trim to be reused without having to install jamb extensions, which for a short run of 3/4" will be a pita.
I even do this for full dimension wainscotting. Makes for a smoother transition between the upper and lower walls.

Thanks guys. This a great forum... I've been searching around and reading since yesterday.