Well, I learned a lot on this project. I think the Nason paint was bad, not that there was any water in the lines. I think the gun + the DuPont Nason was a bad combination for some reason.
My previous post had a decent amount of orange peel, and I burned through one edge while polishing it. I had laid the paint just too thin on one area.
So I sanded it down and took another shot at it. Laid down so flat that I didn't need to color sand at all. Just a little blend and polish and done.
Finished product: