Use "tin ceiling" wallpaper over perennially peeling paint and cracks.
As I ordered more of this stuff, though I'd share here. If you have old rooms with many layers of paint and cracks you know it will peel no matter what you do, especially on the ceiling. I wallpapered my living room ceiling 16 years ago and it looks as good as the day I did it, while the room next to it I spackled and painted peeled. I get compliments all the time.
Comes out to $0.45/sq ft. Way easier to work with than standard paper. Paint it Semi-gloss.