Nope. I tend to just clean them well. Sometimes I might use some leftover protectant that I didn't like, just to use it up.
On one (older) car I used some black spray paint. Seemed to work well enough. I know of some people that spray that rubberized undercoating in the wheel wells too.
But as to your question, I'm not going to be much help, unfortunately.
It would get pretty costly to use it like that for me. I always spray the wheel wells after I clean them. I've been using Meguiar's Hyper Dressing which is a real nice water based dressing. Works good for the areas like that and doesn't take much mixed with water.