Thank you all for the imput on the wrinkling paint.

I contacted Rustoleum about it and here is their reply.
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Hi, John. Thank you for contacting Rust-Oleum Product Support. We appreciate you reaching out to us!
We're sorry to hear about the issues you are experiencing with the Automotive Acrylic Enamel 2X spray paint.
The recoat time on that paint is within 1 hour or after 48 hours.

What you are experiencing is called “wrinkling” and is due to the recoat timing.
Even though you waited what should be long enough for the yellow coat to dry (3 weeks), it evidently hadn't cured all the way through yet, and the solvent in the clear ate through the skin that had formed, causing the wrinkling.

To avoid wrinkling, the best way to apply Rust-Oleum spray paints is to apply two or more light coats a few minutes apart.
This includes any primer, color, and clear coats. In other words, don't wait to recoat or apply the clear coat.

Recoating must be done in under 1 hour or after 48+ hours. The 48 hours are based on 70° F temperatures and 50% relative humidity or less. If it's cooler than 70° or more humid out, you would need to wait longer. If it’s hotter or really dry, then the 1-hour window can shorten by quite a bit.

When recoating after 1 hour or before the 48+ hours, the solvent in the new coat of paint can dissolve the film (skin) that has formed, causing it to wrinkle.

Also, do not sand between coats, as this, too, breaks the film, and the coating can wrinkle if the new coat is applied directly after sanding.
If you do have to sand due to something like a drip or you just want a smoother finish, then we recommend waiting 48 hours after sanding before recoating.

To fix the wrinkling, we recommend waiting for the surface to dry until you can get a dry sand, then sanding the surface just enough to smooth out the wrinkles. Then wait 48 hours for the paint to air out before spraying another light coat of the color paint, followed by 1-2 light coats of the clear, all coats just a few minutes apart. This waiting period allows any paint that hadn't fully cured more time to dry out.

We hope this information has been useful and has addressed your questions.
Please don't hesitate to reach out to us if you have any more questions.

Thank you!
Diana D.
Product Support Representative

The mistake I apparently made was to sand(with 1500 grit) and then spray the clear a few minutes later.

I sanded off the winkled paint this morningwith 1500 grit wet/ dry paper then washed with Dawn dish soap and dried with a new white shop towel. luckily I didn't sand through the color.

I will wait a few days and then spray the clear . Hopefully this time I will get a good finish.

By the way, as soon as it is finished it will be sold. I an pretty certain it is a 1975 Guerciotti based on frame weight, details, and the previous owner of 25 years' statement.
Unfortunately it has none of the trademark Guerciotti pantographing seen on later models so the boss said I couldn't decal it as one.

My guess , after looking at pics of every early "Guerciotti" I could find is that in the early years they probably had frames built by a number of local builders, hence the differences from frame to frame.
Even without the decals, this is a special frame, weighing in at just over 4 lbs. I have a complete nuevo record group for it and mavic wheels with Campi hubs which I will install if anyone expresses interest in buying it at a reasonable price. Otherwise I will probably outfit it with Shimano bits and we will sell it cheap to some lucky sod who will get a much better bike than he realizes.