Fellow modelers Mark, Russell and Jan, I really appreciate all your comments. What is even more fascinating is how international/global the interaction is. Thanks very much. It provides me with the drive to trudge along with this project.
I was able to make progress last night. Before anything else, just in case someone is curious, here are the masking tapes that I used: Scotch 3M Fine Line Tape and Gold Crepe Masking Tape.
I bought these from CoastAirbrush. I believe they are used in the automotive industry for applying pin stripes. I first applied the Fine Line tape above the water line. This tape was very easy to maneuver. Once I am satisfied with the position, I then apply the Gold Crepe tape which is basically a full size version of the Tamiya tape. Please note that I keep these tapes in bags so that their sides won't pick up any dusts.
I then applied Vallejo black paint.
When the black paint has dried, I started masking the actual boot. I was not able to take pictures but I'll try to explain how I got the width. Using the color guide (which I thought was the same scale as the model) and a calipher, I was able to get the width. I used the calipher's lower jaw to take measurement and then, I locked it. I transferred the measurement anchoring the top jaw to the top of the boot and then pressing lightly the bottom jaw to make "dimples". I created dimples along the bottom half of the boot. I applied the fine line tape following the dimples. The dimples are so small that I had to use an optivisor.
Once I am satisfied with the positioning of the fine line tape, I then covered the rest with the Gold Crepe tape. It is now ready for the hull red.
I used the Hull Red paint from AK Interactive's WWII US NAVY Camouflages Vol.2 Acrylic Paint Set. Here are the resulting pictures.