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Roo, if you mix mature lime putty with sand at 1:3 and leave it for a week, carbonation will be well under way (it won't work). The proper method is to take Type S dry lime, submerge it in water for at least 3 days(that means gently cover it with water and do not ever, ever stir it), keeping it covered with water at all times (that will create mature lime putty). After that, it will last for months, so long as it is kept covered with water and left alone. Only add sand and expose it to air when you are ready to use it, and only enough for the days usage.
Other than that difference in prep, it is the same as doing any other tuckpointing, and may be priced accordingly (although you might also want to make allowances for misting/shading on the South side of the job in summer.
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