You're gonna have a hell of a time doing it that way. You won't be able to get the tape to lay flat on the fake bolts so spraying it will be a pain. I'd go with the whole lip red, it'll look cool and be much easier to paint and keep consistent.

 

Well I have a paint pen and was just gonna do it like that. Maybe?

 

Impressive steady hand skills. I couldn't do that personally.