Frequency Separate the wood background and then put your stripe between the low frequency and the high frequency
Using an actual brush and then with a little bit of burning to bring some of the darker lines out more, and can get this pretty easily. Lowered the opacity of the color stripe just slightly as well to I think 85 or so. Didn't use my Wacom just mouse:
Realize though if you want it to look more realistic then you might want to dodge or otherwise lighten the grain behind the paint in the middle of each panel. Paint has a viscosity and thickness to it that covers a lot of grain up. Even in my examples it still doesn't look entirely real because it would have to be almost watered down paint to get that appearance which of course would then not be as vibrant and bold. But then that's if you're going for something more realistic.
Hopefully the Freq Separation at least answered your question though and you can do the rest based on whatever final look you're going for.
There are plenty of other solutions as well of course. Hue/Saturation with a Mask is another easy solution
And if we had done it with some brush style instead (different from above cause .. well I'm at home and didn't have the same brushes open)