Bulges are not blisters and probably somehow moisture got in between the lead keel and the fairing compound which made it bulge - especially if you sail in an area where it can expand from freezing. The fix is to grind it all out, prime the lead, and apply epoxy fairing compound designed for underwater use. Fair it out and then apply your barrier coat and then bottom paint. If you find, after you grind down to lead, that there are holes in the lead or rust looking spots, you might have a lead keel that has imperfections in it. When lead is poured, there are non lead matrix that needs to be skimmed off and eliminated. If that has not been done and they were mixed in the lead, then you will not have clean lead, which will be spots where moisture can accumulate, etc. and so this could be the source of the problem too.