I can add to what not to do here...
My last project was all aluminum and I was concerned with weight so I used 3/16 luaun from Home Depot. I though it worked well but the project never left the shop, I explain later. Then I sprayed foam with contact cement and glued the foam to the walls. After the foam was done I sprayed the vinyl and glued it to the foam. Once it all dried I noticed patches in the vinyl that were textured and ugly. Kinda like a fat cellulose leg or something. I'm certain that in some areas as the glue was sprayed it is thicker in places. These areas tightened up more as they dried and caused a poor looking vinyl surface. My answer to this is to purchase the vinyl pre-backed with foam. It's seemingly more expensive but by the time you spray glue, hang, and trim the job twice you've saved nothing. Otherwise I love the look and feel of the vinyl.
The second thing I can add is about the wood. Don't use 3/16 luaun from Home Depot. A few months after the houseboat, we refurbished our enclosed race trailer and built a living quarters using the same wall covering method. The trailer had to stay outside because we didn't have room in the shop with the boat and race car. A few weeks into it we noticed that the 3/16 was warped, twisted, and bowed all to hell. Obviously from moisture but in any event we had to strip out the entire enterior and go back in with 1/2. Also noticed that the 1/2 made it easier for the screw heads to sink flush.
Use 1/2 wood and purchase vinyl already pre-backed with foam.