I purchased a beautiful old home built in 1920 with a stucco over wood lath exterior. I am renovating the entire home inside and out (doing most of the work myself) and I'm trying to find an efficient, cost-effective method to restore my stucco exterior.

In some areas, termite infested wood behind the stucco is requiring me to tear out the stucco and replace the framing lumber, then re-stucco the exterior (I'm going to go with the 3-coat system)

In the remaining areas, I need a solution to resurface the stucco. There are cracks, poor repairs, and an odd finish in the current exterior. (It appears that when the stucco was applied, a tool was used to press lines in the still-wet stucco to give it a "block-like"look). The stucco has a couple coats of paint on it.

Should I attempt to remove the old paint with a pressure washer, then put a new color coat onto the freshly stripped and cleaned old stucco? Or should I just put a new 3-coat system over the old stucco. My concern with installing a new 3-coat system is that it would be very expensive, it would add a lot of thickness to the walls and would require redoing all the window and door casings around the house.

Whatever restoration solution I choose for the repairable stucco will need to match the walls that I am demoing and applying new stucco to. I am fine with a float / smooth finish.

Pictures of Old Stucco: