One can was plenty for my four wheels, plus I had enough left for two three fender flares.
I simply used electric tape to and painter's tape to mask. I put down 3 total coats, the first one pretty light, the second and third pretty heavy, with 5 minutes between coats.
Now, on the last coat, I only waited one minute after finishing it to remove the tape which allowed the Plasti Dip to dry enough to begin to set, but not dry enough to peel up with the tape.
Here's a few pics of how it turned out: