depending on where your seams are I dout that it would work out right you would'nt have even no. of grids , unless it don't matter to you.
My parents kitchen ceiling had 1x3's along the seams of the plywood. Since it was origonally a woodshed, it looked ok, but I think that type of a grid on sheetrock will look tacky. Some type of moulding might work though.
