I don't think it would be a good idea if the wallpaper is old and could possibly come off under the weight of the paneling.
I would fasten a backer of some sort directly to the studs and then fasten the paneling to it.
A backer could be something like luan plywood (about 1/8 inch thick) nailed to the wall at the studs then glue the paneling to it. The only problem might be that the combination of the two products could end up being too thick and not line up properly with moldings and such. But you could remove the molding first then put them back up. That would make for cleaner lines and easier cutting of the paneling and backer board.