You have some options; Use a Tumg oil (pure) to add a rich oil finish or use a Danish oil like Watco (available in many colors). I think redwood has enough color for the most part so the Tung oil is a good option. Make sure to test any finish before committing to the entire project by purchasing a piece of wood that approximates your redwood.
Before any finish is applied you should sand the paneling first to bring up some new wood and get rid of any discoloration. Because of the volume use a palm sander with 220 grit sandpaper and tackle one room or even one wall at a time, no need to tare apart the entire house. Vacuum off the dust and use tack rags if there is still a lot of remaining dust.