I did mine with a rubber mallet WITH the mouldings still on the car. Looks fine and never had any paint chipping because of that. I think what's important is not to be too "agressive" in trying to bend everything just one pass. Slowly bend the lip (and moulding) A LITTLE AT A TIME, doing long sections. Once you did one "pass", start again being a little more agressive, bending a little more and re-do it again until you're satisfied with the result. After several "passes" you should be fine.
Good luck!
Claude.
Ya Im leaning this way it will be easier to do all in one shot and not doing the molding separate
We shall see Im all tied up right now and have no time to mess with it. As soon as I can I will though
Thanks guys for all the helpful info and tips!