Hi deane
Evercoat (or other similar brands) doesn't shrink at all because it hardens by chemical reaction. You just gotta make sure you mix in the right proportion. Too rich and it'll kick too fast. Too lean and it may never harden.
Milliput also hardens by chemical reaction. You blend two equal parts of A and B and mix with your fingers. It's probably cleaner to work with because you can work it with your favorite tools and water.
As for tearing out and starting over, it depends how far along you are. AS long as there's not too much cracking, I'd leave it. Just make sure that you prime everything well before you paint as hobby putty is very porous and has a different texture than plastic.
Can't wait to see the finished pics.
Cheers!
Bert