M2001 - it looks like your problems started with the very first coat. It didn't lay flat at all.

Did you pre-sand the hood to prep it? It seems like something on the original surface was rejecting the paint causing it to glom together instead of laying flat.

If it was me, and you've only done the hood, I would sand the crap out of back down to a smooth base coat, and start over. I'd go back to 800 or even 600 grit to make the work go faster. You'll probably have to let it dry for a day or two before you can sand it, if you put it on that thick.

Like was mentioned above, if you sand way back down (even to the point where you see a lot of red showing through), the next few coats will go on easier so its not as bad as you might think.