Yes, there is a way of dealing with the bulge of paint/clearcoat. Use what the pro's us. It is called a "levelor". Basically it is a liquid which is made up of a mile acetone and polishing compound. You put a small amount on cloth wrapped around a plastic card, or wood block and use this to "wear" down the finish. The acetone makes it work quickly on the new paint but does nothing to the existing paint. This levels the new blob to the level of the old paint. Best way to make it virtually unnoticeable. This stuff usually comes with custom touch up kits. I got one at www.ultimatetoucheup.com for about $40.00 which included a nice big bottle of factory match paint (hope I don't need it all). Works well for me.

hope this helps