To prevent paint from getting where you don’t need it, I follow Ian Rathbone’s method of using Tamiya tape, stretched onto the perimeter of the wheel tread, with an overlap on the flange. The wheel centre, if you are using Slater’s, also needs masking off. For this, I use a small cone of blu tack, gently pressed into the recess. If like me, you use crankpins from Hobby Holidays, an easy method of protecting these is with a short length of 1.5mm heat shrink tubing. It is a perfect fit, there is no need to heat it.
This particular set of wheels became quite rusty during building. Once I had got them back to brightness, I gave them a coating of chemical blackening, which incidentally I use for the Slater’s centre securing screws.
I hope you find this useful.