Hi Beth -
Looked at your photo and I am unsure of the correct answer, but I'll take a stab at the two items that usually cause this -
1) Moisture. CA has a tendency to foam or some call it 'boiling' a bit when hit with too much moisture. This can happen from moisture in your blank, moisture used in finishing (wet sanding) or possibly applying the accelerator too heavily, causing the foam. Since your foaming (white spots) is occuring on the surface of the pen, as well as more abundantly around the delrin bushings you are using, I am leaning towards too much accelerator, but ....
2) Contamination from either particulate matter (usually from sanding) or possibly something that has contaminated the wood surface - silicone is usually the culprit with wood, as it might be transferred from a treated surface (think anti-rust treatments) on metal surfaces or something that has come in contact with the blank. I come across silicone contamination in wood a LOT when I'm redoing a pinball machine (my other hobby!). It causes fish eye or cloudiness in lots of finishes.
3) Old CA or accelerator. Since you are just starting out with this, I suspect this the least, but I don't know where you acquired your finish from.
Suggestions -
1) reduce your amount of accelerator you are using. CA that 'boils' has too much accelerator on it. The 'boiling' leaves white crud behind similar to what you are seeing all over the blank. Also be sure the accelerator you are using is compatible with the brand of CA you are using. For some brands, accelerator is simply distilled water in a spray, as the CA needs moisture to cure. Others use a chemical solution. If you use the wrong stuff, bad things happen.
2) Be sure to clean your blanks with Denatured Alcohol before applying any finishing. If you suspect contamination, clean them frequently during the process. The alcohol typically solvents out any materials that may damage your finish. Use it frequently unless your actual finish contains shellac (some friction polishes) as alcohol dissolves shellac.
3) Stop using generic CA glue as a finish. I use a hybrid CA finish called GluBoost instead of CA these days, which was originally designed as a finish for wooden musical instruments. GluBoost is more flexible, easier to build up, and generally more durable than a typical CA. But it is much more expensive initially than typical CA, so you might want to hold off on that. If you stick with CA, I suggest StarBond or possibly Mercury Brand or HotStuff. I have had success with all three, but switched entirely to GluBoost now.
Also, not sure if you are aware, but there is a pretty good website for penturners - www.penturners.org - The International Association of Penturners that I have been a member of for years. Lots of good resources there if you need something quickly. NJTurner is me on that website.
Good luck!!