Okay, step by step
-Blank is on the lathe and already sanded to grit.
-Using a VS lathe I had it turned down to the lowest setting
-Using a single piece of folded papertowel I applied a layer thin CA
-I always allow this first layer of CA to air dry
-30 minutes later I followed the same steps, but used Medium E-Z bond CA
-With the lathe on at the lowest speed I spray the accelerator about 3 squirts
-At this time I notice the Cocobolo blank fogging over
-I turn off the lathe and touch the blank to see what the problem is
-I pull my finger free of the blank and notice that the blank is tacky
This is the basic steps. It should also be noted that I had just finished 3 pens using the same method without issue when using the Medium CA and the PSI accelerator. The issue happened when I moved over to the E-Z bond brand accelerator. I have no idea where the problem is and I'm sure it's something minor that will be resolved in time. Those of you who know me and have seen my pens know that I have a firm grasp on how to do a CA finish so this was odd for me to see.
As was what said COCOBOLO a very oily problematic wood. Now I didn't read all the post till hear the thread is getting kind of long so I am sure it was addressed but I will give my way I do it.
First off Cocobolo is very oily after turning & sanding I wipe down the blank with acetone. I will wipe it down at least 3 times with a soaked paper towel with acetone. You will see the oils cleaning out of the surface your first pass the paper towel will be very dirty and dark with the oil I wipe till it is just about clean. Let it dry a minute or 2 not too long the oil will seep back up to the surface of the wood. Now I start my CA process I don't use paper towel any more I think it gives you more (other) problems. I use thin foam (such as that used to protect electronics) as an applicator A piece of plastic would work also wear gloves. I don't use paper towel because it acts an an accelerator and can cause all kinds of problems (but not what you are experiencing).
I use thick CA but medium would work. With the lathe running slow I apply the ca as a bead across the blank onto and in-between the foam or plastic applicator. Now I work that back an forth real fast across the blank making a thin layer then stop and remove the applicator before it starts to set That's a little tricky). Now I give it a real fast spritz of accelerator about 12" away and 6 inches above and let the accelerator lightly settle on the blank. It takes about 15 seconds to set. Then I do it again 8 times then wet sand and finish.
Now my thoughts on your problem without being there just guess work. First thought is your using too much accelerator just one very fine mist. Just the fumes of accelerator near an open bottle of CA will shorten it's life significantly always cap your CA before you spray. Did I say accelerator is potent a little goes a long, long, long way. Now use used thin CA for the first coat I would guess a fair amount also and let it soak into the wood (Cocobolo). Now you apply your medium and then spray on the accl. 3 squirts now I think the accelerator is working through the second coat of CA you just applied down to the first that is soaked into the oily wood and reacting with that causing it to soften. Now the oil from the wood is interacted with the CA and it will not set.
Something to test take some CA on anything you don't care about. Put a drop on accl. on it will it is wet touch it you will see the CA has soften. Also if you don't disturb the spot when it does dry it will most likely leave that white powdery spot.
Now try this take your Cocobolo (for that matter I do EVERY wood the same way) and wipe it down throughly with acetone. Let it dry it will dry fast it will feel cold as it dries don't wait too long. Then start your CA I would just start with the medium as I described above.
Another thing you guys should never do is store your accelerator near your CA. Just the fumes from accl. will shorten your CA life.
Well that's enough for now this is turning into a book everyone is different.
Bruce