Thin the joint compound mixture with water, adding enough water to thin the mixture. The joint compound should form a consistency similar to thick pancake batter.
Spray on the compound with a drywall spray rig and a small compressor, moving over the surface with even strokes to consistently cover it. Keep moving or else some areas will become thicker than others. Allow the applied compound to set for 15 to 20 minutes until it becomes tacky, but not dry.
Hold the trowel at a flat angle and wipe over the dollops of compound in vertical strokes from top to bottom and then bottom to top. Do not press the towel too hard. Make sure that your strokes only remove the peaks of the dollops of compound and do not smear them.
Clean the trowel as you work over the surface.
Treat missed spots by dipping a paintbrush into the thinned compound mixture and flicking it onto the surface so that it simulates the splatter from a spray gun.
Prime and paint the textured knockdown surface like a normal drywall after allowing the compound is dry for at least 24 hours.