Just to clarify a few things, I burned through 2 spare tires (they were already pretty used) before getting the trainer tire. I did have the bulge issue fixed, it looks like the Kevlar in the trainer tire was coming apart under the rubber in that particular area, I may have damaged it when I put it on initially.

I returned the trainer tire to my LBS, actually found that it was still under warranty, and had it replaced free of charge (which rocks cause it's a $35 tire). I even paid the $5 to have them put it on the tire and it has been perfect ever since.