First off, welcome to the forums Cosmo!
In answer to your first question, I use exactly the methods you mention for masking: tape and/or damp tissue. Which I use depends on the situation; just what seems to work best at the time. The reason I (and others) use damp tissue is to prevent the fibers from coming loose from the tissue and making a mess. You also don't want the tissue soaking wet, so that it's dripping water. I usually use a toothpick to gently poke or move around the tissue until it looks like everything is covered or protected that needs to be.
Some people use other methods, such as foam placed in the opening, to prevent overspray.
I rarely use acrylics, so will let others dive into that foray!
HTH,
Mark