This is the best closeup I have.
I didn't tape anything off, save for the side of the wheel. Sounds like those wheel stickers would be more useful for painting the lip itself... say paint the lip first, let it dry, then put the sticker on over the paint, and then paint the rest of the wheel a different color.
I first sprayed the whole wheel with adhesion promotor (spokes and back side). Then, I painted the front and back with ~3 coats of the flat black wheel paint, let it dry for 1-1.5 hours, then hand painted on the lip in red. I did this so fast because the wheel paint recommends a quick coating of clear to avoid bubling... so I wanted to get the red on real quick. I used a brush and did the lip by hand in 5 coats or so until the black got covered up. Then I clear coated the entire wheel. In short, it was a PITA but worth it... really one of a kind, and I am glad I did it.
Took about 5-6 hours of prep (my wheels where previously pitted from all the rallying I did on them
). The painting took a full day (8 hours) after all the prep was done.