Thanks for the replies. I replaced the wick/coil assembly (whatever the correct name is for it) with the other one that comes in the Protank 2 box, cleaned up all the flooding, reassembled, and it seems ok.
On the original wick/coil assembly that was giving the bubbles (I guess gurgling is a better word for it), I noticed that there is no wick visible on one side. Maybe that's the problem, and they cut the wick too short at the factory so it allowed too much liquid to flow?
My liquid level was maybe 1/4 of the tank, and I was just reading on another thread that low liquid level can sometimes cause problems. Not sure I understand why that is, but as a general rule, should you never let the level go below about 1/3? 1/2?
PS please excuse my use of the wrong terminology, I probably botched my description, but I'll get the lingo with time. Are there any photos of a protank 2 that labels the names of all the parts?