Even using a banjo or bazooka, you have to wipe the tape down after applying it to the wall if you're doing the work properly. That essentially removes the mud from the top of the tape. Granted there may be a bit of residual mud left, but it's not like wiping the tape down to adhere it to the surface and then coming back and putting a layer of mud right back on top of it (as I BELIEVE the OP was talking about). I guess that's a matter of interpretation. And I too use fans, electric heat, heat gun, etc. to expedite drying on small jobs. I wouldn't think it advisable for a DIY'er to cut any corners. Hope that clarifies my point. Not saying my way is the only correct way either, just best in my opinion....
Oh, and definitely using setting compound for all but the final coat for one day process. It sets by chemical reaction, not air drying and does not shrink nearly as much as ready mix.