Hi Chuck, I've seen those in my paint too, and I agree the paint you're putting on is probably too thick. On the standard rustoleum test area I did, when the paint dried it was nice and smooth and glossy, there shouldn't be much of any orange peel. So go a little thinner, and when you wetsand make sure there are no low spots like in your picture.

You could wetsand at this point with something agressive like 400-600 grit to get the surface smooth again and get rid of those pits, then probably 4 more thin coats would do it, sanding with 800 then 1500 and water.