Yikes! Those are some serious craters, Bill. It looks like you laid it on with an airless, though. I like to not obscure the canvas texture.
I also have issues with air bubbles when I lay it on as heavy as I used to with Glamour, but have found the sweet spot in spraying just enough to stop shy of having significant bubble problems. I lay down a couple of light coats over about 4 or 5 minutes, then one moderate coat. I never get more than a couple of bubbles that way, and they often pop on their own without ever being noticeable. When one refuses to pop on it's own after a minute or so, I tap it with the tip of an xacto knife and it lays out before drying.
Since it is glossier than Glamour, I find that I don't need to lay down quite as much as I did with Glamour to get a similar look. Given that Timeless is slightly thicker, straight out of the pail than the viscosity I mixed my Glamour to (50:50), I bet that I'm laying down a similar amount of solids, once the water evaporates. The issue of timing from spraying more coats versus a really heavy coat is not a factor for me, as I find that when drying and curing are taken into account, the total time is about the same. It dries much faster, and is tougher sooner, so I don't think the overall workflow is much different. That said, I'd like to see them add a bit of leveling agent to make it more forgiving to spray.