I've been wanting to do the same exact thing in my showroom, except we have cinder block walls. I ran 2x3's along the wall and then stapled t's onto those but it's time for a freshen up... I think I'd go the plywood route with wall anchors.... I always get myself into these projects and do what works for now, and then when I want to remove it, it's an absolute nightmare of a mess. I would think about the future of removal and go the route that would make that easier.... but' I'm not a carpenter, I'm sure Brad will chime in here.