The boron and zinc fluxes make the melt of this glaze highly fluid at cone 7R. That comes with consequences. Notice the Al2O3 and SiO2 in the calculated chemistry. They are at cone 04 levels. The significant ZnO increases surface tension of the melt, this helps bubbles form at the surface (like soap in water). Al2O3 and SiO2 could be added (via more clay), this would stiffen the melt so the large bubbles would be less likely to form (this glaze melts so well that it could accept significantly more clay without loss in gloss). A drop-and-soak firing is another option, in this case a drop of more than 100C might be needed (see the link below to learn more).
This glaze creates the opaque-with-clear effect shown (at cone 7R) because it has a highly fluid melt that thins it on contours. It is over fired. On purpose. That comes with consequences. Look at the recipe, it has no clay at all! Clay supplies Al2O3 to glaze melts, it stabilizes it against running off the ware (this glaze is sourcing some Al2O3 from the feldspar, but not enough). That is why 99% of studio glazes contain clay (both to suspend the slurry and stabilize the melt). Clay could likely be added to this to increase the Al2O3 enough so the blisters would be less likely (it would be at the cost of some aesthetics, but likely a compromise is possible). There is another solution: A drop-and-soak firing. See the link below to learn more. One more observation: Look how high the LOI is. Couple that with the high boron, which melts it early, and you have a fluid glaze melt resembling an Aero chocolate bar!
Ceramic glazes melt and flow according to their chemistry and mineralogy. Observing and measuring the nature and amount of flow is important in understanding them.
Fluid Melt Glazes
Fluid melt glazes and over-melting, over fired, to the point that they run down off ware. This feature enables the development of super-floss and cyrstallization.