Just my $.02 worth....
I don't mask--it takes too long...
Spray the entire roadwheel flat black. Next, spray the base color on the wheel portion as if you were trying to spray on polka-dots; use a fine airbrush setting. Allow the dots to overlap so that the black shows through only slightly. This gives the paint a weathered/faded look from the get-go. When dry, use a black, or other dark wash at the rim/tire joint (I do this when I wash the entire tank.). This effectively covers/removes any overspray. Easy. I've had good success with this method for the last 10 years or so.
Gip Winecoff
claymore 68,
BTW, Academy has made their Merkava series with separate wheels and tires. The tires are a rubbery vinyl and seem to work OK. They can be a little difficult to weather (I don't think I prepped mine as well as I could have.)
GW