My original mesh had a bug where the invisible "picture" mesh would show up. I removed that mesh completely however this option to recolor the "picture" will still come up. Ignore it and move onto coloring the "frame" in order to recolor the paneling.
All 4 pieces can be recolored with the in-game color wheel
A classic use of wall paneling to elevate a space
Teal room with paneling colored to a warm wood
Metallic gold against a matte black wall