How would you approach repairing this kind of water damage, pictured, without reinstalling the stone tile? I think I've fixed the source of the water damage above.
I was thinking that I would scrape/chisel out the old drywall compound, remove a section of the rusty outside corner bead, apply regular joint compound, add a new section of corner bead, then rebuild the corner with regular joint compound, sand, more joint compound, sand, prime, and paint. When I'm done, I'm sure it will look terrible. Any tips to make this go easier and better?