On the fender flare idea, I wanted to do that with plasti-dip but I am afraid I could not get the circular look perfect. I did use black molding in the past which looked decent but I had to remove to make repairs after an accident. Never did put back yet.
I went to Pep Boys in the past and bought some black side molding for about $19.99 per 20ft roll and attached it near the wheel well. You can use chrome molding obviously for the chrome afficandos.
I actually went back and added another set of slightly wider moulding alongside the first set for for the hell of it. Installation=Easy

If you look really close at my side mirror you see some molding attached to it.