Spent 6+ hours carefully masking my Tomcat (I'm anal retentive) then agonizing over which method to use in getting rid of the spots. Ended up testing the Orange cleaner and Makeup blotting methods (with both enamel and acrylic Testors paints).
I finally settled on the old rattle can using Testors 36440 enamel light gull gray (as I was too lazy and tired of spending so much time to break out the air brush).
The plane turned out awesome! I only sprayed a light coat to subdue the spots (@ 85% cover). The color match was perfect....almost too perfect.
To me the plane just looked too clean for a Navy jet, so I ended up mixing a wash of burnt umber, flat black and Tamiya paint thinner (all acrylic as not to effect the enamel gull gray) and brushed/dribbled the wash over engraved panel lines (especially where they intersected) then let it sit for @ a minute and wiped the plane down. I also applied the wash to the landing gear to "dirty it up" too.
I'd post photos but I don't know how without having to open an account on a photo hosting site.
To summarize, the rattle can worked great. I used 1 1/2 cans for the entire plane (including the rails and tanks). The wash was 1/2 a bottle of Tamiya 46ml X-20A acrylic paint thinner with a a few drops of Testors acrylic flat black and burnt umber. The masking took nearly one roll of 3M 3" blue painters tape (worked awesome with no leaking under the tape).
My suggestion is to take your time. I was lazy on the painting portion (using the spray cans which took all of 15 minutes to do instead of the hours + applying the makeup

) but really concentrated on the masking portion. I liked the other suggested methods but they were too time consuming for me (I could at least watch TV while I masked the plane).
BTW, I printed some of the RC markings for VF-111 that one of the members posted (from a pdf file) onto a decal sheet and they turned out great (if not slightly too big). Now I just have to decide whether I want to drop another 2 to 3 bills on another spot cat to repaint!