Boy, some really great info got flowing here. For a lot of years I've stuck to the toothpick trick, airbrush both sides of the wheels, then with a small brush, (size of wheel/tire determines size of brush,) I use very thinned paint to flow against the wheel rim surface, as I rotate the wheel. Usually there is enough of a raised ridge to stop the paint flowing onto the wheel.
I let it sit for a couple of minutes so the thinned paint can partially dry, to check for any places that need more paint. If it has good coverage, then I paint the remainder of the tires bare plastic.
I've had some luck with the little compass like circle cutter, making my own masks. I like Frisket mask material, easily found at drafting supply stores. Then I use the circle cutter and cut the mask.
Bare Metal Foil works great, just pressed onto the wheel surface, then with a clean blade cut around the wheels rim edge. These last two ideas allow airbrushing both the wheels and tires, that makes for a nice clean finish.
Patrick