I did wainscoting in mine out of 16ga steel sheet, with 1-1/4” flat bar trimwork. Everything was installed over finished drywall. It was a ton of work, but it turned out fantastic and was worth every bit of cost and effort. Here’s a couple pictures:

For utilities, I roughed everything in inside the wall just like normal. It was a little tricky to cut all the holes in the right place in the sheet steel, but wasn’t bad with an angle grinder and some patience. Conduit would be even easier since you could just drill and install with sheet metal screws.
If you want to see the detail about how I did it, it’s all in my build thread starting about here:
Post in thread 'Duluth Machine Works - Duluth Machine Works - Pre-war Machine Shop in a Two Car Space'
All in all, I love having it. It keeps the bottom half of the wall from getting dinged up and looks exactly how I was hoping.