Urgent, Toilet water pipe broken in 2nd floor, water did leak to basement

Bout ready to begin taping and applying the joint compound. Ranging from 1-5 my level of experience would be between 1 and 2. Purchased a drywall book but there's no mention of a recommended sequence to follow when taping; i.e., ceiling joints and corners, then walls. I went to purchase a box of premixed all purpose compound and the sales person said it could be diluted and used for texturing. There was also joint compound described as 'light weight' with 'dust control' and wondered if any member(s) is familar with the product, it's decribed as reducing dust when sanding, which I assume is good, but wondered if any thoughts whether it would require higher level of experience. Appreciate any comments or suggestions. Thank you, dave

Do I use the finished edge where it tapers off for the inside corners or do I cut that off to the actual 1/2 in size of the sheetrock? thanks.