At these scales, I'd say the best answer is "whatever looks good". All the methods mentioned above can work.
I've built this Revel Phantom kit several times in the past. I don't mind the raised detail as long as I don't sand half of it off - which is hard not to do on an old Revell/Monogram kit due to fit problems!.
I am in a simlar position right now with Revelograms 1/48th F-102. Constructiion is very similar to the F-4J you are working on. This is what I did:
-preshade panel lines witha dark gray, than spray a thin semi-transparent coat of the base gray color over it. This gives a nice shading effect. The article you mentioned in FSM describes this.
-Lightly sand between coats of the base gray with 1500 grit sandpaper (to eliiante dust and other imperfections). This will subtly knock off the paint of the raised panel lines and rivits giving thin, sharp panel lines.
-Any panel lines that were knocked off when eliminating seams during assembly- try drawing in with a pencil. I lost some of this on the dorsal spine.
Hope things turn out!
Whoo-hooo! this is post 100 for me!
"I love modeling- it keeps me in the cool, dark, and damp basement where I belong"
Current Projects:
1/48th Hasegawa F-14D- 25%
1/48th Tamiya Spitfire- 25%