I cut off the largeish bubbles and it appears that I MAY have gotten a bit of all 3 theories....

When cutting the largest concentration, I found that the epoxy underneeth was still TACKY.... UG... so i believe my comedy of errors started with an undermixed 1st coat and just went bad from there. I've scraped off as much as I could, and expanded the cutoff section(s) as much as I found soft epoxy. I think I should let it sit open to the air for a day or two before patching unless others have sugesstions. ..

Boy I'm glad this is my "practice" boat (don't tell my wife... she thinks I built hers first cause I'm a nice guy )