I'm sorry, but without physically seeing and feeling this problem, it is so difficult to tell. The pictures do help but still not as much as if I was there.
From the pictures I'd say fish eyes can be eliminated as a problem...thank God, they can be the most difficult to figure out.
Are all the products matched, by this I mean are you using the reducer and activator recommended for the paint? The reason I ask is, and it is hard to tell, that from your description and the pictures, it sounds like a problem called "seedy paint". This is a situation that is caused by several malfunctions such as.
1) Has the product your using ever been frozen?
2) has the product or products ever been left open for a period of time, (Catalyst especially)
3) Are the products your mixing products that the manufacturer requires for this paint to set up and flow properly?
4) The age of the product, how long have you had it or how long is the self life, all products are different and generally last a long time.
Generic hardners and reducers are exactly that, generic, always use the products recommended by the paint manufacturer.
I'll wait for your response.