We used a product called SpreadStone on the formerly "wallpapered" wall of our '75 Argosy's forward shower wall (SpreadStone Coating
) We purchased this remarkable product, made in Canada, after a demo at the Ace Hardware in Blythe CA.
After stripping, cleaning,& priming the wall, the remaining luan had some rough spots & was deemed unworthy of a fairing job. This product allowed us to lightly texture the wall, hiding the imperfections. Surprisingly, SpreadStone is flexible & has withstood the rigors of several California trips (yes, there are pot holes in I5!) without cracking. Since it is used on countertops as well as floors, it can withstand shower stall water.
Whatever you use, sheets or a paint on product, follow Andy's advice & seal ALL of the seams.