Wainscoting can be stained to match and will look like it was part of the original design. I can say so because we did the stair case wall and the entryway -cracks you know in the old lath and plaster. Indeed those high ceilings ! Back in the 40's in there it became fashionable to paint over the beauty of stained woodwork. Word has it they got tired of looking at it-too much dark wood.Than there is the old wall paper trick to hide the cracks in the walls in lath and plaster,some even put that stuff on ceilings. Oh what a nightmare !
We have had a lot of compliments on the wainscoting in the entry way and stair case & landing. Staircase is original stained dark wood , did it to cover a bulge in the wall from an old roof leak, it will have been one hell of project ripping out the lath and plaster.
Some of the neighbors remembered that bulge going across wall pretty high up there,It was there before we got here. They thought I demo'ed the wall than redesigned the entryway and hall way and staircase- looks like you would imagine it will have looked when it was built.,said the next for neighbor. That particular neighbors home is a similar design of the same time period.
I said nope, you'd be surprised what you can hide ! I'd had my fill of plaster dust over the years I ain't eaten no more !
Wainscoting is fairly inexpensive and it stains up nice. And the tung and groove comes in 8' lengths. I went 6' at the top of the staircase and fallowed the down with 45 degree cuts. 4 " at the landings and in the hallway entry way. Nobody knows or cares to know what kind of wood the wainscoting really is , or how thick it is or isn't.All they see is the stained wood ! I used a stain with varnish or a little polly in it for a low gloss.
They came out with a product called crack be gone some years ago, especially for those old homes ! Oh-what a joke !
Some of the old homes survived all that ! Restoration is hard work, .
Good luck.
A labor of love is worth the effort.
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