I'm currently doing the same thing, and have done so many times in the past. You could re-rock but it is more expensive.
1. Clean ragged edges of paper as best you can. 2. Mix joint compound to a thick paint like consistancy 3. Use a 9" paint roller to "mud" over a bad area. 4. Use 6" masking paper (no tape) to cover over affected area. 5. Squeeze out excess mud with broad-knife (Just like you would drywall tape) 6. Roll mud on top of paper then broad-knife off excess. 7. start on next area.
The paper is more tender than drywall tape and will tear easy when wet, so the mud should be thin and the pressure with the broad knife should be light.
I' done nearly whole walls like this and the end result is perfect.
P. S. The paper wrinkles when mudded but the second coat covers without any problem (usually 3 coats of mud)