I first balance the prop, then prepare like JGspeed, and then mask off the area to paint and rebalance. I use Lustercoat out of a spray can, several coats, about a minute apart. Then re-check balance.

If you set it up so the mask doesn't change the balance then you can be sure your painting won't throw it off.

Mine do not flake off, but they do wear and get a little greenish after awhile! Somebody else must be borrowing my airplanes.

I like to paint a pretty big proportion of the blade, not just the tips. It looks good when the prop is spinning.

Jim