I had some Challenger panels done many years ago.
They looked very nice, but not original.. you lose the sharp edge definition and the edge flange around the perimeter gets a thicker look.
The vinyl material gives it a very slight cushion to the touch too.
The panel gets a series of tiny holes drilled into it, then the vinyl sheet is attached by vacuuming on the backside of the panel. It comes out wrinkle free.

As for the woodgrain strips fitting, they might.
You could simulate the thickness of the skin with a piece of vinyl and see if there's enough taper to the groove to fit the strip. It would sit up higher in the groove, but it should still fit to the bottom of the new vinyl skin.
I know that doesn't answer your question, but it's some more insight...