Too late. I took a chisel to the bubbles/bumps and burst them open. The bubbles are full of white powder - may be the original owner was smuggling stuff? Yes, the aluminium has lost material and became pitted. But, this doesn't matter because painting will fill the pits.
My car is 2004. So, 80's tech doesn't apply. In any case, there's nothing but aluminium with some iron contaminant's lightly peppered in a few spots as evidenced by the resulting rust.
I am not sure that domestic paints will work on cars. The fuel solvent on roads will destroy them. If I were to paint, I would use a thick paint of some kind to get an overall smooth finish. Enamel comes to mind. But, my new approach is to use bead sealer as a fragile rubber paint. I imagine it will work. But, will have to wait and see.