I performed the following steps:

• Masked off the work area as a rectangle.
• Wet sanded the work area with 800 grit and then 1000 grit.
• Laid down stencil over work area and masked up exposed parts of the work area not on the stencil.
• Two coats of primer waiting 15 minutes between each coat
• Let dry for half an hour
• Three base coats waiting 15 minutes between each coat
• Let dry for an hour
• Remove all masking
• Two clear coats waiting 15 minutes between each coat

For my first ever attempt it's not nearly as bad as it could have been.

• I used the $15 harbor freight spray gun. It's got really good reviews. I cleaned it beforehand and used a strainer on the paint. The gun has a 1.4 mm nozzle and that's the same nozzle diameter the paint calls for.
• The paint called for 30 to 40 PSI but the gun works at 50 to 70 PSI I had it set at 60 PSI.
• The paint was very watery but the instructions said to either use it as it is or with a thinner.
• The paint came out of the gun a lot more speckly then I think it should have. None of the settings on the gun really helped.
• When I peeled off the vinyl stencil the paint wanted to come off with it in some spots. I don't know if that's because the adhesive on the stencil is too strong or if I didn't let it dry long enough or if the layers of paint reached above the stencil itself.
• When I put on the clear coat I tried blending in the spot where I did the wet sanding and the spot that had been left alone. To my amazement it doesn't look terrible but you can still where I sanded a little bit if you look. Buffing will get that out right?
• The layers of paint are pretty high you can feel it with your finger. I wish it was more smooth is there any way to make my layers of paint thinner?

cooldude789 wrote: Wet sanded the work area with 800 grit and then 1000 grit.

Why? If you wanted 1000 scratching then just use P1000. If you want to flatten any existing peel then use a hard block.

cooldude789 wrote: Two coats of primer waiting 15 minutes between each coat

Why? Basecoat will stick just fine to sanded clear. A primer is only necessary if you've sanded through.

cooldude789 wrote: Let dry for half an hour

Probably not enough but no mention of sanding the primer? Unless you used wet on wet primer? Some good WoW surfacers out there but only from professional paint suppliers.

cooldude789 wrote:Three base coats waiting 15 minutes between each coat

At 60psi? No wonder you need a stair climbing trolley to get up the step.

cooldude789 wrote: It's got really good reviews.

Mainly by people who have absolutely no idea what they're talking about.

cooldude789 wrote: The paint called for 30 to 40 PSI but the gun works at 50 to 70 PSI I had it set at 60 PSI.

This is the gun that's sold as "High volume, low pressure (HVLP) spray gun with less overspray".

cooldude789 wrote:None of the settings on the gun really helped.

Why am I not surprised? For $15 did you want a gun that actually works?

You might think the above is a bit harsh. It is, but you need to understand, from the beginning, that more is not better. I would have used no primer with a really high quality basecoat that would give me coverage in 1.5-2 coats using a mini, 0.8mm RP gun running at 18psi or a midi, 1.0mm RP gun at 15psi.

I suggest you spend some time reading articles in the Info Center (button above right) as there are so many things that could be wrong.

Does your compressor have enough CFM output to handle the gun?
Did you set the PSI at the gun using a regulator? Was the trigger opened or closed when you set the PSI?
What type of filtration system do you have for your air supply?
Did you set the gun up on paper first?

You didn't need primer, as Chris said. In fact, it's detrimental when doing graphics(in most cases), as it puts too much paint thickness on the artwork, which bridges over the masking tape after all the rest of the paint is applied. SO it does not want to break at your tape line. Other than that, listen to the previous advice.