I ask because my old home's tub surround, which appears to be some sort of vinyl covered paneling is warping & buckling away from the wall.
Wall behind this stuff appears to be in good shape. I've looked a some tileboard panels,but need something less expensive then the Sand?? Panels and more attractive then the 3 styles I've found.
I like the idea of the fencing as it appears more like 'bead board'. Oh! We don't want to replace the current tub and
the back wall is more then 70" wide. Which of course leaves out most surround kits.
I suppose it is possible, but I think it might be too cost effective and possibly too thick (2 inches)..Unless you already have the panels, purchasing new ones are about twice the price of a 4x8 sheet of FRP wall board.
There is a thread that was started last week about this very same subject that you might find helpful here:
http://community.homedepot.com/t5/Install-Replace/Window-in-a-tub-shower/m-p/78561#M4466