Need to wrap cb550 motorcycle tank, but tank's cap mount base presents obstacle

[kippstakes 0]

So I'm looking to wrap a fuel tank off my '74 Honda cb550. It should actually be fairly straightforward, except for the mounting base for the tank cap. It stands about 3/4'' proud of the tank surface on the tank's back. I'm very new to vinyl wraps, so maybe this is easier than I realize. 

How do I attack this? Make a hole in the vinyl slightly smaller than the lid mount base's circumfrence so when it shrinks it will settle against the tube's base? Or shrink the vinyl over the entire tank, then cut around the cap base and do further heat shrinking? Or other?

Thanks in advance. 

This image is not my tank, but gives a decent impression of what the cap's base looks like (the cap is removed on mine, of course) 

 

[civicrice 12]

wrap institute has a vid on it