Well I brought my bike to the dealer today. They took pictures & are going to send them to MV. The service manager definitely saw the bulges & agreed they definitely don't look normal. With that said, I've definitely decided I want it replaced as I consider it a factory defect.
MVs are noted for their "fit & finish" as well as "attention to detail" & the more I think about it the more it bugs me that, albeit slight, the bulges are definitely there. So let the fun begin!