Partime- here is my Nicaragua 175 with "5" and "cents' 4mm apart...
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1. What was the purpose of the wavy lines? Were they meant to cover up the lower 10 centavos? If so, good luck on that as none of my examples are anywhere close.
Here the wavy lines partially cover the lower tablet value.
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3. Lastly, back to the wavy lines. On very close look, and maybe an optical illusion, but I think I see the word "ZERO" hidden back there. Maybe just the "Z", but pretty odd, no?
My stamp overprint is lighter than yours, but I see no hidden messages.
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2. What do you make of the multiple "drips" throughout?
You will note my copy does not have that. But take a look at my 1905 Scott 178...
It has the bubbles, but in a different location.
