Masking tape will work fine. Use a good masking tape from an autoparts store, like 3M's stuff or something. Pull the tape in about an hour or so after the last coat. You don't want to pull it to soon when it's stringing and wet, you might get it on something else you don't want to if it is to wet.
In about an hour you should be about right. Pull the tape at least 90 degrees to the surface, if not a little more. If there is a piece that doesn't come clean and rolls back onto the surface...let it dry a bit more and use a razor blade and cut it off.
The can say's 20 minutes between coats on that stuff...it's more like 40 to 60 minutes between coats. It goes on fast so make sure you don't blow on to much at once or you will have it running all over the floor. I would rather see you do 3 light coats instead of 2 if your not sure how lay it on. Just keep in mind that you have to move pretty fast when spraying it.
Hope this helps, Matt