Blue-
Tac works as a decent masking agent, but I would recommend regular, old Silly Putty instead. Blue-
Tac is much stickier than silly putty and often times leaves a residue on the surface it was covering. Silly Putty, however, is less sticky and leaves no residue on surfaces with the added benefit of being easier to mold in to any shape needed. Silly Putty is readily available at Micheal's and A.C. Moore and usually goes for about $0.99 for one "egg," which will last you for quite some time.
Another fantastic product is liquid mask of various brands.
Vallejo makes one that is easy to get a hold of and works great. Another option is
Micro Mask, which I personally was not too impressed with. Liquid masks are painted on to the surface you want protected and left to dry. After it has dried, you paint over the area and wait for the paint to dry. After that, you gently scrape the the mask away to reveal the surface beneath. It works great for doing damage/rust on models.
Tamiya makes a bunch of different sized masking tape that is always good to have. I think the smallest size is 6mm and it goes up to 40mm or so. Get yourself a cutting mat (if you don't have one already) and a decent ruler/straight edge and you can make all sorts of different shapes for masking just using a razor knife.
Good luck!