Here are some more observations.
My experience with bubbles is that they are often caused by introducing air into the film—such as when rolling with a foam roller sleeve. But I have also seen bubbles from brushing paint that has been over-reduced.
Are the bubbles really bubbles—or separations? Paint that separates or crawls can be caused by a surface contaminant. And I recall that sometimes the gelcoat on a fiberglass boat can act as if is contaminated when really it isn't. That's why I always abrade the gelcoat rather than just clean it with solvents. Bon Ami soap was my go-to abrasive for cleaning and I rubbed pretty hard.
Finally, the cold may be an issue. A smooth, cold surface can cause paint to try to crawl.
One Shot 4007 Hardener is compatible with the One Shot reducers. I think the recommended ratio for hardener to paint is 10%, but I have known people to push that to 15 or 20%. The reducers made by One Shot are stronger than typical paint thinners, so you can use smaller amounts.
Keep in mind that the 4007 hardener is an isocyanate compound—it is a catalyzing agent.
https://docs.matthewspaint.info/safety-data-sheets/pdf/1shot/4007.pdf Cold is an enemy of catalyzed paints. Matthews Paint, in their paint manual, says that their Acrylic Polyurethane should not be applied in temperatures below 60 degrees. The cold kills the catalyzing and it does not start back up once it dies. Such a paint film, not being truly catalyzed, might not have the hardness needed to receive a catalyzed clear laid on top of it without lifting.
Would this be the same with catalyzed One Shot applied in weather too cold? I would expect so, but I've never done it.
Brad in Kansas City