Wow, old thread is old.
Just to bump this, I bought a can of this just tonight. The directions say to lay it on until you get a wet look. Their definition of "wet look" must be different than mine. I, too, got pretty bad runs. The color I got was "White Lightning" for a Star Trek model. I had primed and it seems not to make any difference. I'm gonna have to strip mine and redo it too. The "one coat" appears to be a gimmick, to me at least. Just thought you'd like to know you're not the only one.
edit- Testors' directions also state this stuff is supposed to be dry in 20 minutes. Just checked mine at 1/2 an hour and it's not even close. It's tacky at best.