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Don't do it
I had a home that I got into a couple of years ago. It had the T 1-11 sheet siding on it. The siding looked bad, some termite damage, and all of it needed paint.
I got quotes to put stucco on, but the price was real high considering that I plan to sell in a couple of years. I also got a quote from Sear's for vinyl siding. Although I wasn't thrilled with the idea of a "plastic house," I felt the low maintenance, durability, and cost made it a good choice for my circumstances. Wrong!
The siding has been on just over a year. Although it cleans easily by being washed much like a car and rinsed off, it's not holding up well. I already have several pieces that have cracked. In one case a small stone was thrown by the weed-eater and it put a hole in the siding. I have a couple of other pieces that have cracked for no explanation that I can give. Neither Sear's not the actual manufacturer cover this type of damage.
As far as the manufacturer is concerned, they only cover color fading and damage from hail. Sear's will only cover the siding if it is blown off of the house in winds less than what it's rated for.
I'm sure stucco is not real big in Chicago, but I've used it on other homes to go over wood siding. I was much happier with that. I won't do vinyl on any future homes in the future.
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