Joint compound is for interior use with drywall, and though it's a great choice for adding texture to a wide variety of props, it isn't going to offer any real weatherproofing. It will suffer damage in moisture and rain the same as a wall in a flooded house.
If this were me, I'd continue texturing with the joint compound until the stones had the look I wanted.
Then for weatherproofing and further texture I'd paint them with Dry-Lok, the basement sealant. Get the gray colored stuff. Adds a nice stone texture, made to seal basements, hard to beat. Couple of folks have been using it on tombstones around here, and it looks fantastic.
At that point it's a matter of dry-brushing and detailing.
If this were me, I'd continue texturing with the joint compound until the stones had the look I wanted.
Then for weatherproofing and further texture I'd paint them with Dry-Lok, the basement sealant. Get the gray colored stuff. Adds a nice stone texture, made to seal basements, hard to beat. Couple of folks have been using it on tombstones around here, and it looks fantastic.
At that point it's a matter of dry-brushing and detailing.