Originally Posted by Windows
The main point here is the walls are textured
. For flat walls Drydex or hot mud is perfect; on textured walls that kind of repair stands out like a sore thumb, and I've been in too many homes over the years where repairs have been left like that. The OP can use Drydex and then have the additional step of applying a matching texture (which it is hard to do), or they can take one of the very few painting short-cuts that actually works, and shape the caulking in the hole
I didn't get the impression that the wall was textured. OP mentioned orange peel, which to me is usually the light texture left by rolling on paint, and obviously the bigger the nap, the heavier the orange peel. Assuming that is what he means, I'm still saying hot mud or Dry-dex, roll on a primer, and roll on the paint.
If there is a real texture to the wall, not just a normal orange peel effect, then I have no problem with using caulk to mimic the texture over the small holes, and in fact I may even try it.