Actually I have had much better luck now. I tried a new method of applying the emulsion, and I dumped the watercolor paper.
I bought some Arches Whatever-looked-good-at-$5.00-a-sheet and some papyrus (yes, papyrus...).
Instead of brushing the stuff on, I don some gloves and rub it into the paper. I have MUCH better luck this way. I pour a small amount of LL in the middle of the paper, and then I rub it into the paper. I let it dry for a couple of minutes, and then do another layer. To finish it, I dry brush it very lightly. The results are MUCH better. No bubbling at all now, and with two layers I get some pretty good results. I'm posting them in the gallery.
My biggest problem now is the paper itself. The papyrus curls like mad. I'm thinking of making some sort of stretcher to hold the paper taunt.