How to strip bathroom drywall and resurface?

I have a bathroom to remodel. It's an interior, tiny unit, containing only a toilet and sink. It's tucked under a stairwell on one side. The basic size is about 4x6. It was drywalled and painted many years ago with a slight texture in the paint. It's not as bumpy as popcorn, it's almost sandy in texture but not stucco, very fine, like orange peel. The drywall at floor level was damaged by a broken toilet at one point so I will have to rewall parts of it. I removed both the sink and toilet. It's a concrete slab with stud walls covered with drywall and this painted texture. I tried to think up a way not to tear out every single surface. The paint makes it tough. I can't match that texture without buying new equipment to blow that texture. I hate that texture anyway, it looks cheap. Sanding the entire surface sounds like a lot of work and dust.
I finally came up with a plan to scrub down the good parts, cut out the damaged parts of drywall and replace, then smooth on a couple of thin coats of drywall compound to cover the orange peel enough so I can prime and paint the walls and make a new looking wall surface all over. I want to use drywall/joint compound to hide the old texture and its border with the new wall materials.
Does this sound workable? Is there a better way to get rid of that orange peel texture and get a matching surface on the whole bathroom?
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