Sounds like a silicone reaction. Chances are it was something airbourne that settled on the panel between coats of laquer. Did you panel wipe it before you started with the second lot of laquer to degrease it?
As for cures, its possible, if its not too badly reacted, you could get it thouroughly degreased, get a really good build of laquer, then wet flat it and machine buff it senseless, trouble is though, once the paints got silicone in it, its there for good. I've found putting more layers on to try and cover it, just makes the pin pricks look deeper and deeper. More likely though it'll be flat it down and start again owd mate