Why don't you just put some hardi or LP smartside over the 4x8 paneling? Why go to the trouble of sealing an inferior product?
I don't want to sound critical, but what you are planning to do sounds like a really bad idea.
Sorry, I didn't see that it would be on the ceiling. I thought you were doing this on the wall. That why it seemed really strange to me. Seems that you could do beaded plywood on the ceiling but I would definitely use a finish nailer with glue. Make sure the nails don't shoot through the plywood. Try to make them hit the joists.