Sorry, know this is an old post but I stumbled across it and thought I would give some insight from a red seal painters experience. First, the problem you have isn't cratering, cratering actually looks like you have small craters (like the surface of the moon) and is usually caused by a contaminated substrate, too many coats without sufficient dry time or painting when it's too cold, and basically air is escaping slowly and popping at the surface leaving behind the bubble or "crater"
What you have though is "fisheye" which is caused purely from surface contamination or coat incompatibility.
You're getting it because smooth cast 300 is a urethane plastic which almost anything but an industrial urethane paint won't bond correctly too( that's your incompatibility) and you've used mold release, (which is your surface contaminat)
But don't worry, you're helmet is still paintable!
There's a couple ways to do this,
.If you don't have to use mold release then don't, talc or baby powder can be used, just make sure to blow out the excess with air. Talc can also be used in conjunction with mold release, but if you really must use a release agent then smooth on recommends misting the inside of the mold with an appropriate primer before casting. Do this and you're helmet will be ready for paint immediately after demold.
If you don't follow those pre cast tips then there are a few other things you can do.
1. If you've used mold release you must clean off the oils after you demold, this is called solvent cleaning. Which solvent you use depends on which release you applied. Make sure to wear gloves so you don't contaminate the surface with greasy paws.
2. Always sand... Always!!! But start at a lower grit and work your way up, this will help prepare a better substrate for painting
3. Throw those paint and primer in 1 cans in the garbage where they belong. I'm not here to bash anybodies methods or products but those are just a sales gimmick.
Buy yourself a good primer, I've heard good things about duplicolor and plastikote. I use Kilz and have never had a problem, even when i haven't listened to all my above advice cause I'm too lazy or in a rush.
4. Sand after priming again and between every coat, wait the allotted time as well.... Nothing like spending all that time molding and casting to screw it up with impatience on a coat of paint.
In short, just take your time... Do it right the first time and be happy!
Hope this helps