I have my rear panel just like yours, dipped only the chrome Ford ring. I have tried it all on that panel, the whole thing, just the GT, none, tried to color match the dip to the car (white - fail) and I think that the way we have it now looks the best.
The only reason I suggest that to you is that if the tape in the center is touching the dipped area of the ring at all, when you go to peel it, the dip adheres to the tape and will come off the ring and you will have to redo it. Something that small of an area, just tape around it giving yourself some room, usually an inch or so. Spray the entire thing like you were dipping the whole area. Results usually come out how you want since you are not worried about overspray or that tape. 6-7 coats will leave you with an easily peeled dip layer to remove when you are done.
For me, spraying a light first coat, like 50% coverage and then a second coat 75% coverage about 10 minutes later works the best. Once that is dry, the following coats get a bit heavier. It also seems that the warmer the weather, the easier it is to dip stuff on the car.
