I typically poke holes in the bottome of the bag and tear a hole inthe top of the bag. Then I stick a hose in the top and fill the bag with water and let it drain. That will pretty thoroughly wet the perlite and eliminate the dust.

There should be big chunky bits. Bigger is generally better. Unless you got the crazy big perlite that I have only seen at hydroponic shops, it's just fine.

Maybe I should drill 1/4" holes in the bottom of the can, fill it with water and allow it to slowly drain? And then repeat as necessary.

It would have to be hosed down rather than just having water dumped in from a large bucket though because it will just float right? Unfortunately I haven't taken my hoses out of storage yet.