I don't know why you would want to tape and compound Homasote. It's not made for that. It's a great sound deadener but that's because it is relatively soft. A comparable product like drywall is not. Drywall reflects vibrations and sounds while Homasote absorbs them.
With drywall at $5 a sheet and Homasote at $20, why would you want something that costs a lot, too? The liquid in the joint compound might also give you problems. The way to handle this, if you are concerned about noise, is to put a layer of Homasote over the studs with fiberglass insulation in the cavaties, then put a layer of drywall over the Homasote. If you don't expect a big noise problem, just use drywall as usual.