When I did my Santa Fe F3s about 30 years ago I painted them silver first and them put clear contact plastic over the shells cut roughly where the decals would fall. I then placed a spare set of decals on the contact sheet and after they had dried I cut thru the center lines of the decals. I then removed the plastic from the section to be painted red, masked off any other parts that weren't already covered and painted the red areas. After drying for several days I removed the contact sheet and applied another set of decals. I did't put on a clear coat because I've had problems with "blooming" silver when I sprayed a clear coat on it in the past.
You probably could do the same thing using masking tape as long as you were able to place them accurately. I used Champion decals and Tetsors silver along with Santa Fe red from I think Charles Wood.
The shell in the front' gives you some idea what the originals looked like.
Hope I explained this clearly, unfortunately I didn't take any pictures of the actual process.
Jerry