This is a bit different from how my family makes pancakes (based on my Scottish grandmother's recipe). First, not only do we not use a mixer for the ingredients, the recipe specifically says only stir it up very lightly, there should be a few lumps left. Second, we don't do this thing with keeping the frying pan cool to avoid bubbles. Shove in some butter then fry those puppies, and it's just fine if they bubble some. If anything, my dad used to tell me you know when it's time to flip by the way the bubbles look, although I seem to do them at a slightly lower temperature so the bubbles don't always come up.
It probably doesn't matter much. But I've noticed that if I take a while making the pancakes and the batter gets more smooth while it sits there, the pancakes aren't quite as good. Almost, but not quite.