I decided on a combined approach of some of the above. I already had some Magnetic Sheets on hand which someone had bought me off my amazon wishlist back when I was planning to make magnetic business cards. So I decided to put those to use. If I wanted to cover my failed attempt, I would need to buy another pack, so, I decided to keep the failed attempt a chalkboard and find another place to use the magnetic sheets. Since my basement has paneling, I figured I could cut the magnet sheets to fit the width of one piece of paneling, going from floor to ceiling.
First, to cut them. I was surprised at how easily a trimmer could cut these sheets. Next, to hang them. Of course, I assumed the white backing was adhesive, but should have known that would be too easy! So I trekked to Michaels with the two toddlers in tow and was told they do not sell 8.5 x 11 sheets of adhesive. The store worker suggested Command Strips, which I bought quickly, not really sure how they worked. They adhered easily, and I just used a small piece at the top and bottom of each strip of magnet.
I was quite pleased with the finished product, just in time to hang my new framelits, the Deco Labels, Floral Frames, and the new Banner Framelits from the upcoming Occasions Catalog. I decided not to show it to my children...It took two days for them to discover it on their own and then had to give them the stern talking to that they are not to play with them. Yes, I know I am probably foolish for putting them at arms reach of a two year old, but we'll see...I think this will work!