Chris...don't take this wrong..ok? but did you read the instructions on the paper that is wrapped around the Monokote? For many years I used Monokote and became very good with it and then for some reason I actually read the instructions and said ok...I am going to do it as they say and see what it comes out like. Well it worked out well and I know Monokote can be a pain but many people use to much heat. It will bubble like crazy if using to much heat . Also use a MonoKote sock...the iron temp will need to come up a bit if you use a sock...If the balsa is very tight grained you will get more bubbles so the WoodPecker is ideal. If you are trying to cover something other than balsa wood a little slower strokes with the iron can help the MK stick better. It takes time to learn how to use MonoKote so be patient and practice. The EconoKote is a little easier to apply as is Ultracoat...the finish is a little bit on the dull side with Ultracoat but it is very good material.
The best results with Monokote are the correct heat , use an iron sock and practice. I have seen some killer Monokote jobs by people that have never used it before and I always ask them how in the hell did you do such a good job for your first try and almost every answer is "I read the instructions"..

Boss