Crawlspace paneling

I own a cabin in Maine and it looks like this.
Imgur

I would like to do something to protect the paneling on the crawlspace. Some of it shows some water damage. Like this.
Imgur
Imgur

I'm thinking of painting it with an oil-based paint. Is there something I should do before that?

I'm also considering doing some sort of stone facing. Can I do that myself?

Thanks

Crawlspace paneling

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