Brian, i do alot of wallpaper removal here in ct (usa) and have been in the paint business for about ten years. Not a lot of plaster work, but I have begun to use the Rotex 150, ct 22 vac, and whatever already used before sandpaper I have laying around. This is a great way to re-use old sandpaper. My experiences are with Brilliant and Rubin, but have always used a grit that won't gouge, on low suction setting and fine sanding setting.
It sounds to me like you have a "trainwreck" situation which could be handled many different ways. The above info is all good, but you have to ask yourself how long do you want to work on this before you get to a surface that is exceptable to you for finishing coats. Some of those methods will be really messy and time consuming. Through many jobs where my guys were removing wallpaper and I was in the next room with my festool toys I realized that even though its not a planex, it has a lot of the same capabilities and is much faster and cleaner then doing by hand. The only thing I am wondering is why festool made a completely different vac system for the planex? Drywall dust must not be good for ct series vacs I would assume, but haven't seen any evidence. I also wonder if there is a better bag / filter combo for this procedure that would wear less on the unit?
As far as I know Porter cable is the only manufacturer that has a drywall sander that looks much like the planex. You can rent it for $60.00 a day at my paint store. The one major advantage is that the Porter cable is on a pole and is about a 12" diameter pad I believe. The Rotex 150 will make you sweat for a whole rooms worth of sanding. These are all things you may want to consider.
If I were you, i would use a 6 inch drywall knife and scrape all loose paint off. Then use 100 - 120 Brilliant, or a used up 50 or 80 can do the job. Make sure that there are only low spots from peeling or gouges, but no spots that are raised up. To make it more clear, the next step is to use Zinnssers Bullseye 1-2-3 primer. This is a stain killer, primer, sealer that has a "semi-gloss like finish" as opposed to most that are flat. Once you have all walls primed white, then you can shine a worklight on the wall and systematically fill in all the low spots or valleys with joint compound. It's like a crime scene investigation and will show you exactly where you are low and need to fill in. If there are a lot of large valleys, then I mix compound til the point where I can skim coat the wall. Either way the Bullseye 1-2-3 is the backdrop to a superior finish, especially when sanded over with random orbital. The sealer component is what will save you time, because you will be sealing all wall surfaces as opposed to just priming over them. If you prime only, then anything underneath that wants to move will take it with them. The sealer will give you a new surface to begin working on that you won't have to worry about all of the past "trainwrecks" underneath anymore. This primer will show scratches if the grit is too low, even with hand sanding so it is the perfect compliment to the festool set up's random orbital motion. It is still scratching, but to the point where you can't see or feel it. You can get a "plaster like" finish on drywall if you will.
Once you have smoothed your repaired valleys into the existing surface you can re-roll entire wall with primer. I usually quickly sand over primer with 220 brilliant and top with two coats of Benjamin Moore. In your case stay away from semi-gloss because it will magnify any imperfections you missed. I would recommend Eggshell Aquavelvet, which still gives you "scrubbability", which is semi's most desirable characteristic in two weeks. If you are really worried use Zinssers Guardzz product which is strictly a sealer and goes on like water, so you roll from baseboard up otherwise it will be everywhere. Must ventilate and where respirator, but you would know that the second you opened it.