My preferred technique:
Don't put on a second coat. I end up wrinking the under coat way too easy.
Instead, I remove the run. I let it dry for a few days, and I wet sand it with very fine sandpaper, like 800 to 1500 grit. Wet sand, not dry sand, as dry sanding will just load up the paper and have no effect. That grit of paper is from auto stores. I find 400 and 600 grit to be too rough for this. I prefer a hard backer block of wood, and not a soft backer pad at all. My goal is to remove the run, and not the surrounding paint. But, some will likely be removed. So for that, I shoot some of the paint into a non-plastic cup (as plastic might dissolve), and using a very fine brush - like 0, 00, or 000 - touch up the part that showed through.
Let that dry, lightly sand with 800 to 1500 grit, just to blend it in.
Then, clear coat. Or, touch the spot with a bit of auto polish, like turtle wax or mcguires to add some polish back.
That, or I leave it as character, while gritting my teeth at making such a decision.
Oh, and to avoid that problem, I don't leave the rocket sitting while drying. I put it on a stick, and while drying for the first 10 to 15 minutes, I rotate the rocket round and round, up and down, so that the heavy paint flows back and forth and makes more of a thick spot instead of a drip. It's saved my ass many times, but not always.