The frame was sheathed with boards - rather than plywood- covered with tar paper, then the siding applied.

Texas ... I need to stress this point for the general audience here ... due to the new EPA rules here, it's not the asbestos fibers in the siding that will cause me problems. Rather, the new "RRP" rules mean that the lead paint that was applied to the siding will cause major issues for me. Even at its' worst excess, the asbestos hysteria didn't come close to the lead-paint jihad the EPA has begun.

Painting over the lead paint does not solve the issue. While "encapsulating" the paint qualifies, it's not really a viable option. This leaves me with simply removing the old siding and replacing it.

I've mentioned it before ... these lead rules are a bulls-eye on every electrical contractor. They are a MAJOR change in the way we do business and do our jobs.