I'm so happy I finished another little project.
My friend Larry commented about the knob and tube, so here's a better photo.
Mud coat number 2:
Scratch coat number 3:
Then a quick coat of primer, and a quick coat of crappy white semi gloss (stuff I can't use since I got "Medium Base" instead of "White", so it's all milky and crappy), and voila!
Overall not a huge amount of work, and it took only 3 days of on/off sanding, puttying, and quick painting. The white paint is just to protect the wall until I actually finish this room (later on) and paint it (probably a taupe or some other Earthy relaxing colour).