I never use accelerator. I just use the Harbor Freight superglue ... but I do also use a small amount of BLO as a pre-applicant. It comes from using some Minwax Stain'n'Seal (natural amber color)... there is a little BLO in it that will react with the first layer of CA, polymerizing it and smoothing it, I guess. That first layer cures pretty fast, because the reaction kind of acts like an accelerator. Application speed is ALWAYS the slowest your lathe can spin ... YOU DO NOT WANT THIS STUFF GETTING FLUNG OFF IN YOUR FACE!
For a full coat, I put a small pool on my applicator, applied along the length of the blank I am working on for under 3 seconds ... I usually have time to go the length of the blank three times (once per second) and then I chuck the applicator. I use this timeframe for everything other than the first coat, unless I'm doing detail work with a lot of little coves and beads, ect ...
My applicator used to be white paper towels, but I found that those aren't entirely lint free for this purpose, and they absorb CA very fast. My current applicator is blue shop towels from the auto parts store. I take one full sheet, and fold it 4 times in the same direction to create a thin flat pad. I then take a sharp pair of scissors and cut it in approximately 3/4" lengths for easy handling and use ... these are pretty much lint free and fairly cheap. They also absorb CA, but not quite as fast, and they are a good deal stronger than the white paper towels. I also use these same applicator pads (fresh pads, of course!) for applying my Meguair's Plast-X polish and Turtle Wax Hard Surface, for the final touches.
The trick to not getting the lumps and bumps is actually more towards not trying to layer too much on at once. I generally use a small pool (under 1/2" wide on the applicator) and spread that over the blank surface 3 times. This leaves a very thin layer that won't move around ... if you are doing detail work, use even LESS and focus more on specific areas, spot coating everything evenly till you can coat the entire surface in single passes.
I like to let it cure naturally, and I've never had a problem with the "white frosting" or hazing effect ... also haven't ever had any issues with "crazing" (the micro cracks that appear on the surface sometimes?). I'm sure I'll eventually see these issues rear their ugly heads, but for now I'm lucky, I guess.
Many people here will tell you that there are other alternative applicators you can use for applying CA ... the method outlined here works well for me, but I encourage you to try it as well as their methods!
Some people pick up craft foam at Hobby Lobby and other arts and craft places, cut it into little applicator pads ... the CA doesn't soak into these nearly as fast, so you can get by with using MUCH LESS superglue per application. Another similar method, that's even cheaper, is to use the TINY little parts bags from your pen kits. Just pop the bag over a finger and use it just like that ... you can even spin the bag round your finger and use the reverse before you toss it!
Keep in mind that both of these methods DO NOT soak up excess CA, and it'll end up on your blank ... this is good if you want to build up a thick layer fast, but not quite so good for making thin layers without a lot of excess that shows up as lumps and bumps. If you keep the application amount very low, these methods could work great for you! These latter methods also work best with the thicker types of CA, as more of it ends up on the blank rather than soaked into your applicator.
