Hadn't ever heard of using wood glue mixed with joint compound.
That's because drywall joint compound comes in three kinds:
1. Regular or Taping - which has the most glue, so it sticks best and dries the hardest, and you use it for the first coat that holds the tape in place,
2. Finish or Topping - which has the least glue in it, so it has the least adhesion, but also dries soft and easy to sand smooth, and you use it for the top coat, and
3. All Purpose, which is a compromise between 1. and 2.
Most other DIY'ers buy their joint compound in a cardboard box just by reading the printing on the box. They look for words like Finish, or Regular to tell them what they're buying.
I buy Synko Pro Set 90 Lite Sand as powder, and make it as sticky and hard drying as I want by adding more or less white wood glue to it. I mix the white wood glue into water, and then use that water to mix the plaster powder into a slurry I can spread easily with a trowel. The more glue in my mixing water, the stickier the slurry will be, but the harder it will dry, and therefore the more difficult it will be to sand smooth. By contrast, if I don't add any white wood glue to my mixing water, I get Synko Pro Set 90 that sticks OK and sands smooth very easily. Lots of times you want sticky joint compound that dries strong and hard for sticking plastic corner beads on. Other times you want a joint compound that sands smooth quickly and easily. I can do that just as well with a gallon of Weldbond as you can with three different boxes of joint compound.
And, I've been doing that for over 20 years, so if it didn't work well, I'd probably have noticed by now.
I may just begin by using an adhesive primer to get an idea of how the walls would look before I delve into texturing.
Yeah, but if you prime the walls first, then you can't really sand or scrape the joint compound in the seams smooth. The reason why is that scraping the joint compound in the seams down flush with the paneling could also result in you scraping off the primer. And, you couldn't sand the joint compound smooth without plugging up your sanding screen or sand paper with primer. That means the filling of joints and scraping or sanding them smooth has to come before you apply the adhesive primer.
Besides, you'd be best off avoiding texture. It's harder to repair a texture wall. It's harder to clean a textured wall, and it's harder to paint a textured wall. Flat is beautiful.
Personally, I think you're putting a lot of work into paneling you don't want. Why not live with the paneling until you can save up some money for drywall and then replace the paneling with drywall?
But, keep in mind that the difference in thickness between paneling and drywall is going to require that you: build out your electrical boxes for receptacles and switches, and that you build out your door frames 3/8 inch on each side or so as well.
Typically, you can buy small rectangular metal sleeves that fit inside electrical boxes to allow you to build out the electrical boxes easily enough. And, the usual practice is to simply glue and brad nail a 3/4 inch wide by 3/8 inch thick strip of wood molding to each side of the existing door way to build out the door frame flush with the new drywall. And, you'll need to accomodate the thicker drywall around any basement windows in that paneling.
I'd rather see you tear out that paneling as is, rather than spend time and money on it, and then tear it down and throwing it out along with your investment in time and materials. You'd be as well of wasting the time on a beach, and drinking the money if the ultimate destination of that paneling is a landfill site.
So, if I wuz you, I'd learn to love that paneling until you're ready to tear it down, and have the bridges crossed in advance; that is, what you're gonna do with the electrical boxes, the door frames and any windows that might be in those paneled basement walls. If you still wanna pursue Plan A, then I'd proceed with filling in the seams first, making sure they're smooth, and then priming, and then deciding between flat or textured.
If you wanna see what your basement would look like with painted or textured walls, you can buy cheap software ($5 to $15) where you can change the colours of the walls, ceilings and floors on a picture of your basement. Some of that software should have the option of texturing walls and ceilings too.