I don't have a lot of experience spraying, so bear with me...sometimes when I spray on a fairly thick coat of waterborne poly, tiny bubbles form in the finish. When I look at them with magnification, they almost look like they can be attributable to raised grain, although a sanding and reshoot helps, but doesn't always fix the problem. I have been thinking that in an effort to lay down a fairly thick, leveling coat, I've been laying on too thick, causing the bubbling. Just for info, I try to adjust my gun to spray with as low a pressure as possible, with a medium spray pattern and medium amount of material output.