I've been following this since I found it back in march. You might want to go back and reread some of the beginning where 69charger descibed the procedure. The bubbles seem normal. Some have said to go back over them lightly with a clean roller or foam brush after a few minutes to pop them and let the paint flow out.

On another subject, I got a paint sample for rustoleum "Fire Hydrant Red" (system 7400 Industrial) from Fastenal yesterday. I like it even though its not as dark as I wanted. Its a blood red and will look good on the mustang. I figure if I'm not happy with it I'll scuff it up, buy another gallon and mix it to get a darker version and add a couple of coats. I'll prime the car with a dark primer so it comes out as dark as possible. Once I get the paint I may experiment with a black first coat and see how it turns out.