I used to own a Cleveland Tour Action also and that bugger had 16° of bounce on it. Sadly, there was no mention of how much bounce it had. I couldn't hit the thing off the fairway... just didn't know why until I realized the bounce angle it had. Never played it since. As for the "588", I heard it meant 8° of bounce. Needs to be confirmed though. Then again, if you say it had alot of bounce, it probably wasn't 8°. Probably more lik 14° or 16° like mine. Keep in mind, Cleveland's low bounce on a sand wedge is 12° (still a little high in my opinion).

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Cleveland Launcher 400 10.5°
Cleveland Launcher 17° FW
Cleveland CG2 3-PW
Hogan 52°
Mizuno 56°
Hogan 60°