I spent a little more time playing with my sample model. After applying a little more paint, I decided to take it seriously and remove the mold lines from the model using my hobby knife.
I am pleased to say that I was able to scrape away the fine mold lines away quite easily using a sharp hobby blade. One hidden bonus of the Bones material is that, even though I had already started painting, I was able to patch up the color on the model immediately after trimming the lines. Thanks to the Bones plastic, I did not have to go through a new priming and prep phase.
All in all, not bad for five minute's work.