As your painting the car why don't you fit the strips and lacquer over the top? That way they they can't trap water and it will still look factory. I have a set as made by the ABS member and I've got to say they are as good as the originals
Hmm..interesting idea but I don't have a lacquer finish

I think the bit protected by this is the bit you don't see facing the wheel. Except the pic from Hazzy diesn;t show them covering this bit.