Glow red either mixed into paint or as a solo pigment has that dull red appearance and its the best it'll get. the pigment id found in earth of high sulpher content as can be noticed from the rotten egg smell when heating it. The bubbling is likely the sulpher melting. You are not going to get away from that. And the whitish film noted is oxidation from exposure to air. Glow red and glow orange are the two worst colors to use in a heated paint medium. All of my small jigs being painted with any type or color of glow is done using pure pigment in a clear, liquid paint. I dip the jig to be coated in the paint, then in a small amount of the dry pigment and hung to dry then re-coated with the clear.
The glow ProTec is a very generic paint for use on jigs and spoons and does an average job on those, but the smaller you get the more the red/orange will buck you because of its earth source. I haven't tried blending some clear gloss powder coat into the glow ProTec but that might help you some with a bit smoother finish and also may help seal the pigment from air exposure.
I use a lot of the Do-It glow pigments in small plastics with great results. For jigs, and I don't waste time doing larger jigs with glow except personal use lake trout lures, I use a very high quality glow pigment form another source and use it with clear CS jig paint. Its expensive and the granulation size is way smaller but it does a way better job on tiny baits and I can get it in more colors. I use a white under coat, then the pigment, then clear top coat. My 1/64 ball head glow jigs are as smooth as a baby's butt. I can base coat any color and put any color of pigment I want over it, but I like white because it reflects a lot of light back thru the pigment for extra charge.