You aren't kidding about the difficulty of getting a smooth finish. Maybe I just don't have enough patience, but it's easy to get a slight ridge to the PL as I'm spreading it, leading to a raised line once it cures. Every now and then there'll be a little spot that bubbles up... a spot with more moisture causing the PL to foam up a bit, perhaps. There's a fine line between getting enough to fill the weave, but not so much that it doesn't thicken when it cures.

I'm thinking about trying to thin it a bit with mineral spirits on my next time around, and maybe put another coat on if I have to.