Looks like it'll work.
I did mine like this -
I considered the way you plan, but decided on the above for a couple of
different reasons.
- didn't require horizontal chaseways for water.
anything that will leak is below the bus floor, in the 'basement'
just as in a house. I used less than 20' of water supply pipe and
had no reason for a chase large enough for water pipe that would
run the entire length of the bus. Also, don;t see many houses with
horizontal pipe runs in the walls, most are in the basement or
crawlspace with only risers in the walls. So no reason to go against
this practice. Still room for electrical run in the lower portion of the wall -
about 3/4", but I ran mine through the overhead compartments, just for
access, since I seem to change things a lot
- the panels are inexpensive, easy to install and easily replaceable if
damaged. Also easy to redecorate of you wish as the panels are
removable - simply remove the panels, recover them and the rub
rail and Voila - new decor.
- I didn't want several inches of intrusion into the room. The appearance
of the intrusion is greater than the actual space taken up, but with
the lower part of the wall flush with the top part, or nearly so, it gives
a greater impression of space and surface continuity. Don't see many
houses with the lower 1/3 of the wall stickin' out 2 or 3 inches into the
room.
Still under construction it looked like this -
The grass paper wallpaper and brown has been changed and is now gray carpet with gray trim.
Here it is while redecorating -
I also removed the 'wire channel' shown in your sketch and replaced it with a valence on one side and compartments on the other (since replaced with just a shelf), that also serves as a cable tray. This also gives a better mounting surface for curtains, shades etc., rather than trying to put up a curtain rod in steel.
Looking forward to your pictures.
Just a few thoughts, there's as many ways to do this as there are busses and people - enjoy it