Poorly painted paneling
I recently purchased a house, which has paneling throughout, except in the bathrooms. The paneling in one bedroom has been painted as is fine, it is going to be a toy room for my kids....However, in the master bedroom, I had noticed that there were funny looking places on the walls (this was BEFORE I knew the paneling was throughout the house). I thought at first that it was improperly installed drywall, like the seams hadn't been done right or something (I know next to nothing about any of this, by the way). Tonight I realized that it is not drywall, it is paneling that was painted over, with the ridges filled it.....but whatever they filled them in with has shrunk, or something like that, and there are places that look like cracks in the wall, but are really just where this stuff in the grooves of the paneling. The walls are an awful shade of red and I want to paint over them, but these "cracks" are a serious problem. What is the best solution here? Should I scrape off all of the paint and whatever substance is in the ridges and just paint over the original paneling? Or are there other options?