I've seen models cleared with that, it's a subtle finish over a solid colored surface. It's a micro fine pearl, not a flake. You would think being applied to round tubes would always have an angle of highlight to show it off. I found this not to be true, add your multi color base and it makes it worse.
I based my Varsity with white Ice Pearl over white. It never really shows, and Ice pearl is way bigger than the Effex you are spraying.
http://www.ratrodbikes.com/forum/index.php?threads/1980-varsity.109439/
I just reread your process for painting, you only applied 1 coat of the effex? If so, that is nowhere near enough.