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I don't think there is such a thing as 3/4" drywall, I'm sure Foxman meant to say 5/8". That being said, it's perfectly fine and and normally done to install 1/2" drywall on walls that are 24" on center, it'll be plenty strong no problem.
If you need to drywall your ceiling also, then you'll want to use the 5/8ths cause you have gravity working against you and this will prevent it from sagging. Or, better yet is to use the 1/2" stronger drywall that's rated for ceilings. It's easier to handle cause it weighs a whole lot less.
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