STUCCO TEXTURE TECHNIQUES
Straight drywall compound - Can be thinned a bit. Color can be added to help hide chips when the surface gets banged. (Don't try to "paint" the surface with the tinted mud. Very difficult to get an even color.) One can also add sawdust to get additional texture. A handful or two to a 5 gallon pail. Even if nothing is added to the mud, be sure to stir it with a mixing paddle in a drill... maybe adding a littler water. Get it creamy. Makes a huge difference in the ease of application Adding white glue will make the mud much tougher.
Use elastometric coatings meant for roofing, or even sand-fine texture coating by Parex
http://www.parex.com/syscomp.html Really tough stuff, and not too expensive
I have done it before with a combination of paint, joint compound, and sawdust.
In lieu of all that mess, might I suggest you try Jaxsan 600 in either trowel grade or brush grade applied evenly to the surface and then stippled with a sponge? This product is water-based acrylic latex elastometric roofing material and sealant. No reportable hazardous
materials incorporated in it. Dries quickly and is flexible and non-cracking like the joint compound process. Also very cost effective. Send them a paint color card to match and it takes less than a week.