Spring Cleaned Bedroom

I know it is a ugly as sin room. I would like to put new drywall on instead of the bulging paneling. One of the last owners solution to cracking, bulging 90 year old stucco walls was to put the paneling over it. However, paneling can not hold back cracking, bulging 90 year old stucco walls. You cannot see the screws in the paneling trying to hold up everything in this picture. It also has the original floors with huge spaces filled with horse hair or something. I just pray that nothing comes alive. It is cleaned anyway and smells spring clean. Two rooms down and 10 more to Spring clean. Ugh!