That beadboard is often overlooked as scenery due to its fragile nature and unrealistic surface. But, the fact that you can break pieces off with your fingers makes it easy to sculpt into rough forms.
But, as you say, a good thick coating of plaster does wonders for it. I like using Structolite over it to give it a more rock-like texture. It does lose some of its light weight qualities with the coating, but you can't have everything. 
You can also use it as a rough form to be covered with plaster gauze material if you want a smoother surface.
Good stuff when used properly. 
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Jim