Cathar figured that the best fin to channel width ratio is ideally between 0.75 and 1.5. If you measure your fin gap, I think you'll find it to be a number of times bigger than the fin.
For the bubbles, an additive would probably fix that: what are you using now?
If you just want to test it, a couple of drops of Jet-Dry should take care of it, but that's just for a test: Jet-Dry might not be the best thing to use, permanently.
Also, like I said, you can play with the inlet geometry and orientation, but you should be already pretty close to the maximum you're going to get out of that heatsink.
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