No reason why you can't put up bead board paneling in place of the white paneling that is up there now. The existing paneling is just stapled in place. If you have an air stapler it would go up fairly quickly. You'd need to remove all the moldings around the edge of the ceiling as well as the seam moldings and then remove the old ceiling using each piece as a template for the new panel. Then you'd need some new seam molding (to match the color). You could reuse the ceiling to wall moldings (cove mold) if you wanted or get new cove mold as well to install around the edges. Good luck and post pics!!
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2016 North Point 377 RLBH
2006 Ford F350 Lariat, CC, 6.0PSD, DRW, SCT tuner, air bags, bullet proofed