Bubblehead is absolutely right, that mixture is too thin.
Again, I have no doubt that the bag method works, and works really well, for some people so I'm not discouraging it at all. It just doesn't work for me, at least not well enough to make me want to invest time and epoxy to get better at it.

Here's my filleting tools with the radius trimmed for 4 to 6 oz. glass (US 5-cent coin for scale). The heavier the glass, the greater the needed radius.

Here's the fillet they produce. It's the minimum width needed to fully support the glass tape, so the epoxy consumption and boat weight stay low.
Bubblehead's descriptions of wiping the excess from the tools into a cup and reusing it is spot on. I also only mix a few ounces at a time, just as Art says. The main benefit of that is smaller catastrophes if they do occur and less wate overall.
Another thing to deal with are the ridges that form each side of the fillet. My preference is to lay down the main fillet, then use the unrounded putty knife to scrape up the ridges and return them to the cup for re-use. Or at the very least, get them out of the boat before they turn into a sanding problem.
I also smooth the fillets after they're down, but instead of alcohol and a finger I use unthickened epoxy and a chip brush. The reasons for my choice is that I know for an absolute fact that there won't be a chemistry compatibility problem no matter what brand of epoxy I use, it's faster than a finger and it lets me apply enough force to smooth and shape the fillet into its finished form in one pass. The resulting fillet is glass smooth. Bubblehead is right - when you get the hang of either this or his alcohol method, all you need is a scuff-sanding to prepare it for paint/varnish.
For a taped fillet, put the glass down as soon as the fillet is complete and smoothed. I like to pre-impregnate the tape with epoxy by rolling it up, putting it into a container filled with epoxy, letting it soak it up, then massaging the rolled-up tape until it's fully saturated, squeezing out the extra for re-use on the next strip and finally unrolling the tape onto the fillet and smoothing it into place. Done right, this results in perfect saturation, no excess epoxy, no floating and most importantly, no drips to sand.
Finally, be aware that putting masking tape down along the edges of the fillets will result in ridges that need to be sanded unless you remove the tape while the putty is still soft and then smooth the edges. I find that too much trouble and material so I skip the adhesive tape and just use the flat putyy knife to clean things up. It's like experienced house painters never using masking tape.
Just as with cooking, each boatbuilder "chef" has their own recipes and tricks. Everyone should at least try each one once because you will always learn something, just maybe not what you thought.
Have fun all,
Laszlo