Should I paint the wallpaper that is on the wood panels?

Me and my husband are trying to remodel our room because it has an old grandma look to it.
It has this Very ugly floral wallpaper. And under it, there are brown wood panels. It looks horrible.
I have been searching online to see if its better to paint over the wallpaper or if to take the wallpaper off and paint the wood panels?
Or is there any other way i can do this?
PLEASE! The walls in my room look horrible. Nothing looks right with that hideous wallapaper from the 70's.
 
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