A: Basements are always a problem with moisture and preparation is key to a finished product that will last. Remove any mold first with a clorox solution or some other mold removing products that are available. tsp is also a great one and the one I would recommend. Then prime the panelling with a product like kilz or 123 bin primer. I like the oil base product the best. Once primed I recommend you finish it with a paint that is formulated for high moisture areas. The metal registers come out nice if you sand the rust off and then spray paint it.