I think you should get the terps out and remove it and try again, using spray paint and tape you could get a even and prof look. It looks too think and blotchy.
I have never liked the act of adding any graphics to consoles as I love the way they look, the dreamcast is sexy by nature.
Nice attempt but here's some advise on a future try.
Take the casing off the Dreamcast, makes it easier to paint the top of the dreamcast and you can get right into detail than. Also the buttons pop out same with the LED Light ...thing..
Next you want to tape up the Dream cast Emblem thats a necessary thing to do, than what I DID was sand gently to get rid of the odd crap which I think was wax off the casing, giving it a brand new clean. than I used auto body paint, and clear coat, Just thin layers I did two of color, three of clear coat. Giving it an extreme shine, professional look, maybe a bit over kill, but my friends never know what it is until I turn it on. This sucker shines more than the ps3.