My biggest concern would be exterior pressure treated chemicals. As I recall, the lapped sheets are untreated but primed. Neal (as usual) beat me to the important point: installation may require trimming the lap to get a good corner. You can solve this problem by sistering stud blocks where the paneling might not line up properly.
BTW, how are you insulating the walls? Spray foam is a great choice because it seals and provides its own vapor barrier . . .