Normally, I would hang the paneling first. Then apply baseboards, holding them off the floor as necessary to allow for the carpet to tuck between the tack strip and the baseboard. If your unsure how high to keep baseboards off the subfloor, ask your flooring supplier for advice
Do your paneling first, that way you avoid any mess that may damage your new carpeting. It is also best to do paneling or any wall coverings first because you will need the baseboard installed before you have carpeting installed.