I have restored and touched up many bikes using several paints. I do favor the Testors model paint when I can get a match. I have done this several times and I do let a day or two pass before I do any other work on the paint. I first sand away any corrosion then clean the area to be painted with some acetone (careful here as some paints are not very compatible with acetone), you can also use alcohol. Let that dry and touch up the area with the Testors, I tend to over paint areas to fill in any imperfections. I let it dry a day at minimum then I get out the sand paper again and using progressivly smaller grits I sand the area till it is all even with the overall painted surface. I find a good emery board is very helpful for the rounded surfaces of bicycle tubing. Once that is done, I get out the rubbing compound and slowly and carefully rub in the newly painted surface till it blends with the rest of the paint. It has worked wonders. I let that dry another day minimum then wax away. I have not run into a wax that removes the Testors paint. Not saying there is not one out there but I have used quite a few and never run into that problem. The best matches are black, red and white. The rest are difficult and that is where nail polish comes in. It is slow, tedious but the results are very good. There are times you cannot find the touch up even upon very close inspection.
Ray Homiski
Elizabeth, NJ