Carl,
I, too, would stay away from Starboard on that application. Glue will not stick reliably to it and due to its weight, this would would eventually be a problem for you. If you remove the port lights first (rather than trimming around them), then the port light frame would probably provide a sufficient mechanical bond longterm. I still, however, do not consider that to be your best option.
Wood -- whether wainscot planking or quality mahogany veneer -- can provide a beautiful finish. But in my view, the cabin of our boats are so incredibly dark, that I personally wouldn't use anything dark. You will find that a white surface at that height will brighten your boat substantially and make it look much larger inside.
Larry indicated: "If you're ok with white Home Depot/Lowes has a material that comes in 4x8 sheets and is just a white plastic of some kind. You've probably seen it in every store or grocery or gas station bath room wall you've ever been in." This may or may not be the same product I used, but I can't be sure. His reference to cutting with razor [knife] or big sheers would suggest that he is referring to a "vinyl-like" product from Parkland Plastics. Almost all the stuff I've seen installed in public restrooms, however, are FRP panels (fiberglass reinforced plastic). Every restroom and shower in my marina is covered with it. While it does clean easily, it has a very course grain to it and a shiny surface, that I don't care for. If, however, Larry does refer to the Parkland product, I whole-heartedly agree!
This product is somewhat difficult to locate, as some Lowes and/or Home Depot stores don't carry it, though most carry the FRP product. If they have both, the two products will be stored horizontally and most likely right next to one another. If so, you can immediately tell the difference, because the Parkland product can be rolled up... the FRP product cannot.
Read the product directions closely. It is NOT supposed to be applied to non-porous surface, so you may need to sand the existing paneling. And I WOULD put it over the existing panelling, as it might show the surface imperfections of the underlying raw fiberglass (and the raw fiberglass is non-porous). You need to be careful what you use as an adhesive... use what they recommend.
I personally used the Parkland product 6 years ago, and it's the ONLY thing I've done on the boat that still looks like it did the day I installed it. It's a little touchy regarding choice of adhesives, but I like the look. I've attached a photo, but I'm tired of resizing images so they will display properly on this site. So I'm also including a link to the original.
