fender rust and flares

I have a 2002 Tundra I have owned since 2003. See the attached pic for reference, but basically there is rust above the trim on the rear fenders which needs to be dealt with. My thought was to pull the trim off, sand down, treat and get flares tall enough that it would cover what I did to repair the damage and stop it from progressing. If that will even work, that creates another problem as I am very picky on fender to wheel alignment. I like tires to basically be flush or darn near flush with the fenders/flares.

So here are my questions for you guys:
1) What flares would you use? I want them to stick out the least possible as I do not want to go any bigger on tries than required to meet the goals stated which is to keep things stanced as I like it.
2) Assuming flares would accomplish my goal properly, what size rims and tires would stance right with them and would I need to lift the truck? I want zero chance of any rubbing at full lock so I am guessing a lift will be required too. Today I have lift shocks in the front to level it, but frankly the front is a bit too high.

There are other things starting to go wrong with the truck but none that aren't maintenance items in my book. But when you start adding all this up it is making me consider moving on. However, if I can do what I need to do and make it look right, it maybe worth hanging onto....I have had it this long! This is the best truck I have ever owned and I am hoping to lean on the community as I use to to help me out. I posted on tundrasolutions as that was the site back in the day, but I noticed most posts had little to no responses and this site seemed much more active.

 

Weighing in on all your info and preferences, I’d recommend treating the rusted areas with Ospho and do body fill where needed. Put everything back together and either do two options:

1) Tape off and paint to match (or use bed liner black) the contour an inch or two past (larger) than your existing trim.

2) Find some flexible trim a hair bigger and make it happen.

A third option becomes expensive, which is new OEM fender flares (used hard to find) or goofy (only IMO) after markets style. Now your up against your liking the tires flush and the need for wheel spacer$.

I’d repair and do (option one) with a 1-2” wide tape off with bedliner from Rustoleum to cover over the repair. Maybe do the repair and then bed liner first and then reinstall your existing trim over top afterwards. Good to go for another 20 years!

 

I agree with after market flares looking goofy, that was one of my issues. Knew if there was an option that wasn't goofy, the guys on sites like this would know (subjective, but collective group for ideas). I hadn't considered what you said in option one....that is intriguing.