Quite honestly, I found that not to be the case if you apply it thin like Permadri says to. The walls were dry with a light tack within minutes after brushing it on. I didn't understand why you were getting it all over everything, but do now. You're using too thick of a coat.
As far as the floor goes, I have a few ideas, but won't decide on exactly how until we're done with the bead board on the ceiling. Spraying it would be difficult with the hopper being open topped.
I don't know if I'm going to spray any of it yet. I may just roll/brush apply the whole thing.