When I bought new wire wheels and tires for my '71, I had British Wire  
Wheel put red stripes on the Vreedsteins I purchased.  They cut a very  shallow 
dado in the sidewall and fill it with a red rubber compound
 which is vulcanized rather than glued in.  It looks great and  has held up 
very well over the years.  I don't advocate  this method as a 
do-it-yourself project, but I have heard that  there are other outfits that do 
this.
 
I imagine any less sophisticated method would produce a pretty  fragile 
result at best, even if one could apply paint with neatness, consistent  width, 
and perfect concentricity. 
 
Jim Knight
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