Testor's flat black paint works very well, and careful application with a small brush provides the most control. I use a small plastic suction cup about half an inch in diameter to hold the glass element while working on it. (These suction cups are available in hardware stores as well as 99-cent stores, and originally come outfitted with wire hooks for household use. A handful costs a dollar or so.)
Try to apply the thinnest coat possible the first time around, and even out the coating by the second coat. If the lens elements have large patches where the original blacking has come off, I would suggest coating those areas first then allowing the paint to dry. Then you can use the second coat to give the circumference of the lens element an even coat.
I hope this is helpful.