I'm not familiar with Humbrol's Matt Cote, but it almost sounds like you applied too much or sprayed it on too thick. One thing that might work: Try respraying with a glosscote to see if that takes away the white residue. When I mixed too much Flat Base into my Future one time, it caused one of my models to turn white.
I thought my model was ruined, and since I felt I had nothing to lose, I reshot it with straight Future to gloss it up again and the white went away. I was able to respray it with a proper mix of Flat Base and Future and it turned out well.
If not, then you'll need to find a way to strip the Matt Cote off and start over. Hopefully the glosscote will help, but again, I'm not that familiar with Humbrol's Matt Cote to be sure that idea would work.
Good luck, and I hope you can recover that model