Hi Mate,
I did the following:-
Let the tyre down, cut out strips of newspaper, pushed down on side wall of tyre with a piece of wood (hammer handle is good!)
Pushed in the paper all the way round the tyre then tape them down. Saves any paint on tyre, re-balancing, tyres off & on etc Sounds weird but it does work!
Then used low tack masking tape (3m Blue) around the rim, about half way down the outer rim where it comes down to the wheel. Use small strips as it needs to be angled to the rim(hope this makes sense).
The rest of the wheel just use newspaper & masking tape.
I used special filler they use for model aircraft, its a sort of white compound easy to work with sets in 10 mins (will find out exactly the name of it)
Rub down the fill areas & lightly the rest of the top of the outer rim.
Clean with thinners
Then used a Filler primer.
Remove the blue masking tape & gently rub down any lip or you can use a cotton bud with thinners.
Re apply masking tape just below where the primer finishes.
Apply top coat, remove masking tape again and repeat the rub down of any paint lip.
I would say about four coats of paint to get the colour dark enough, do this over two days though. (2 & 2 coats)
The clear coat can be sprayed directly without any masking, just spray around the outer edge. (used Wurth clearcoat)
Gently polish with a cut compound, leave for another month or so and polish again using more pressure if required.
Its not a quick job by any means, but alot better than a touch up stick method!