I've masked and painted hub caps, and would seriously consider buying these tools if I had to do it again (probably will in a few years).

I have the outer ring "tool"; though it looks a little different. Very helpful and time saving.

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1982 240 D, 308,000 - 321,127 miles (sold)
1982 300 TD,166,500 - 226,000 miles
1998 E 320, 120,000 - 144,000 miles
2005 C 230 K, 26,000 - 77,000 miles (sold)