Nice work JAVERYH.
I spent a lot of my youth and the beginning of my working career in a Hot Rod shop.
And we all know how pedantic Hot Rodders are when it comes to paint!
I have painted all of my drag cars throughout the years and several friends cars too.
I hate to say it but the divots are from the lack of preparation. Sorry.
When using MDF, although it feels smooth, it needs a couple of layers of primer and then 2-3 layers of spray putty and a flat sand with some 400 grit. After you have done that you will see any low spots because it will be a darker where the sandpaper hasn't touched.
You then need to build that area back up with several squirts of putty and sand it back down.
After you have done that, then you apply a couple more coats of primer, flat sand again and then move on to the colour.
If you are using 2k (or 2pot) which has a base coat and a clear coat its really simple. Apply your base coat, then your artwork and cover with the clear coat. No sanding, buffing or cutting is required with this stuff because it has a glass like finish straight from the gun. Go outside and take a look at your car/truck because thats what it is painted with. The only drawback is that the clear coat is deadly poisonous. So unless you have the right breathing gear, don't even open the lid.
You are using a Lacquer which has several names such as Dulon, Acrylic or Cellulose.
This is the old paint system before the industry switched to a 2 pot system.
This is great for DIYers but requires a LOT of work to get a shiney, flat finish. As you have just found out.
When using this stuff, you still need a good breathing mask and some ventillation.
Mix it with up to 50/50 of thinners and make sure you use a high quality thinners for the clear coat. This will save you work at the end when trying to get the shine. Its called AAA (triple A) Thinners here. With a good spray gun and a good mix you can get a pretty good finish from the gun.
Also, dump the 1500 grit and get some 1200. You will get the job done quicker.
Also buy/hire a electric buffing machine. They are worth there weight in gold when using this paint system.
Dip the pad in cutting compound do a quick run over the paint work then dip it in some water and go over it again and then watch the shine appear right before your eyes.
Just keep the buffer on a low/med speed and keep it moving fairly quickly otherwise you will heat up the paint and melt it. You will still have to hand rub the corners though.
I just painted a Defender cabinet and here is a shot straight from the gun.
Its the same paint system you used. No buffing or cutting done yet.
Well, I hope this helps out a bit.
Its probably too late for you but it may help others.
As always, preparation is the key!
PS, don't stress about the divots. Only you know they are there.