Remove the dust from the walls: Just take a rag and whisk it off, then vacum.
I use a corner bead tool for the corners, worth every penny of the 8.00 I paid.
If the bubbles are in the container...then just drop it a few times to let them rise. If the bubbles are in the area on the wall you are working on..then 'fold' the compound in the trough you are using with the knife you are using. If the bubbles are on the wall, it's ok. Let it dry, light sand then fill them in with topping compound.
I just got done doing my basement and I am ready to paint this weekend, 1200 sq.ft.
Go slow, use a fair amount of mud, but not too much. I use a 10" knife to feather the outside corners and the seams.
Here in Michigan (at least my city), the ceiling counts and you do not have to run the wiring through the joists. I am have ran and re ran everything through the joists. I think I am going to spray paint the ceiling black, hang can lights then put white vinyl lattace up at an angle for the ceiling.
Good luck.