Most of those wrinkles could be gotten rid of by using a hotter heat gun. Just be careful and not melt the covering. Moneykote will shink a LOT with enough heat. My Hobbico heat gun barely gets hot enough for Monkeykote. I commandeered one that my wife had but it will melt through if I'm not careful. And, no, a covering iron will not do as good a job. That's because you are stretching the covering by pushing the iron on it at the same time you're trying to shrink it.

Kerry