I had that problem until some of the folks on this board told me to use several light coats, and to give the Future time to settle after spraying. They were right. It looks bad at first, but after about fifteen minutes the Future settles down and the pebbles disappear.
However, since you say you have no regulator, the pressure may also be a problem. I've had the best luck shooting Future at about 12psi, whereas your compressor is probably ushing 20-30psi. If you can't afford a regulator, try using a wide area tip on your brush to minimize the intensity of the spray, and back it away from the model as far as practical (practice on scrap first, of course).
Good luck,
Glenn