Sound's like you might be talking about "Parge Coat". Can't say that I've heard of it being a popular option over stone but it might be possible depending on the type stone you have. I'd think stucco type mesh would be nessary for the parging to last. I would highly reccomend reinforcment fibers be mixed with parging. Fastening mesh to Austin Stone would be simple but might be increasingly difficult as density of stone increases.

I've only heard about it being done with brick, and it's sometimes called mortar rubbed brick. It was featured in the HGTV show Fixer Upper this week. Here is a link to a gallery for that show; the first photo shows what it looked like after the procedure, and if you click through further in the gallery you will finally get to some photos of what the house looked like before:

Fixer Upper

Techniques for altering the finish of brick don't work as well for stone because it is less porous. What is it you find objectionable about the stone? Can you post a photo?

If your house was built with quality in 1984, I would strongly urge you to wait before "updating" it. I moved into an old stone carriage house that had been converted to a residence by an architect back in 1970. My first thought then - like yours - was to bring it up to date (after realizing that there was nothing left of the original interior to restore.) But time caught up to me, and I came to appreciate the aesthetic and functionality of much of what he did. What I grew tired of was the contribution of the owner who succeeded him, who embellished the bold but simple lines of the 1970s with retro flourishes. Functionally, whenever there is a problem with the way the house works, I go back to the original 1970 concept and plan and usually find the logic. The later improvements, not so much. A recent article in the NY Times about staging houses was instructive. The successful stagers replaced all the period elements (not just furniture but light fixtures, moldings!) and with 1970s style knockoffs! So what I'm saying is, hold on -- the 80s look is not far behind! Don't do something so permanent as destroying a massive stone fireplace or facade without taking a long deep breath. My experience is that keeping the integrity - aesthetic and function - of a house is almost always the best. Unless of course you can afford to completely, totally re-do it. But that is not cosmetic "updating." My two cents.

Did you ever figure out what that was? I can't seem to find any images either and we are looking at purchasing a stone house. Thanks!