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I do that on engine cowlings too.I'll chip in to say that I've also sometimes glued the wheel covers over the well with a couple of small dabs of white glue. The glue sticks just enough to hold them in place and the pieces come off easily with a light pry with an x-acto blade. Excess glue can be popped off with the blade with no effect on the underlying paint. This way, the covers are painted at the same time as the underside.
Note that this only works well if the covers are a good fit!