Primer is optional and if I remember correctly primer might actually make it harder to peel off. We simply washed the wheels good then applied about 5 coats.
You shouldn't have to mask anything because the fairings are easy enough to remove so I would take them off.
We waited about 15-20 minutes between each coat then let it dry over night.
Also I wouldn't worry too much about it coming off on its own, many people have dipped their bumpers, wheels, and some ricers around town do their whole cars. It's hard to describe it until you use it in person.
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