Bathroom Reno on the cheap...

Im planning a quick bathroom redo to get it functional for teenagers, with a 'proper' Reno in a few years.
House is ~50 years old.
Im planning to replace the vanity, paint the (pink) enamel bath, paint a wall and replace the tiles (the ones that haven't fallen off yet) with waterproof panelling.
Like these: Bathroom Wall Panels | Mr Wet Wall Australia
New taps, waterproof membrane etc.

Has anyone used this, or similar? I'm only hoping for 5 years, just want something simple to install.

Thanks
Russ

(and yes, i know the tile backing will be asbestos sheet. 😖