This might help you:
http://www.ehow.com/how_2058571_text...ywall-mud.html
I like the look too...I didnt' read this article, but lots of people here have had it done and when we were having the interior of our house painted, we considered it. I do know that you can color the mud if you want, but you need to do it before it's applied to the wall. Good luck, it looks like quite a project!