Sandable 90 IS plaster. It has lime and other chemicals added to slow its cure time to 90 minutes, and has perlite added to make it sandable and lighter. It's a great product, and easy to use. Faster mixes get more difficult to work with.
A hawk is used to hold onto extra plaster while you work, and help you work with a trowel (though I like to use one with a spackle knife). You don't touch the walls with the hawk.
Just a nit: the hot mix drywall compounds are gypsum ( plaster of paris (calcium sulfate hemihydrate)) based. they contain limestone (calcium carbonate) powder as a filler, but not lime (calcium hydroxide). The plaster of paris reacts with water to form gypsum (calcium sulfate dihydrate), with the limestone and other fillers glued together with the gypsum. That forms a reasonably monolithic surface, which can range from almost rock hard to scratch with finger nail soft, depending on what fillers are present. t'he lack of lime makes them easier to work with (lime is very caustic.)
Traditional white coats are lime based. The lime reacts with carbon dioxide from the air, and turns into calcium carbonate. That's slow (days, potentially), so they usually are mixed with plaster of paris (in the form of 'gauging plaster') for faster setting. These finishes are rock hard, and if applied well, glass smooth (I've scraped paint off them with a razor and not damaged the underlying surface).