I was recently working on a Philco 42-122 and the Bezel is somewhat scared up so I had planned on giving it some spray paint to make it a little more presentable... however when I painted it I had a problem with the paint bubbling up in some places.. not really sure whats going on with that..

DB,
The image I found on the internet seemed to show a brown Bakelite bezel on your radio. Usually even scuffed-up Bakelite will polish to a very satisfactory result using a buffing wheel and a fine abrasive like jeweler's rouge. Some people claim auto polishing compound (applied and buffed by hand) works well on Bakelite. Painting it can lead to variable results - usually poor without proper surface prep. Often old radios have been dusted with Pledge or other silicone-containing sprays. The silicone can prevent proper paint adhesion and result in bubbles or dimples known as "fish-eye". If you can, try removing the paint with mineral spirits or a paint remover (be sure to test any product you decide to use on a small area on the back of the bezel to make sure it doesn't damage the Bakelite). If you are successful in removing the paint, you can try polishing the bezel. If you still feel the need to paint it, try wiping it down with alcohol or acetone (again, pretest the back) to thin down any silicone remaining on the surface. You could lightly sand the surface with a very fine sandpaper before painting to promote adhesion - or possibly consider using a primer first. If you are using a spray gun, there are "fish-eye preventer" products you mix with the paint prior to spraying that may help.