Looks great! I think the red paint should cover all of the face of the drum including the lug nut area where the wheel mounts. On my previous Mopars, that was actually the only place where the red would still remain after a few decades as it was protected from the elements by the wheel face. The cosmoline they used for dipping the lower controls arms in, was a much heavier molasses-ier (if that's actually a word) looking substance. I used spray-on amber rustproofing when I used to do mine. I had to do many coats to get the caramel brown finish correctly.
This stuff is good:
https://www.tat-co.com/Products/Repa...r-Rustproofing