I had the exact same area (minus the lower bumper, unpainted black vinyl) done with Expel PPF about 18 months ago for about $650. I've been very happy with the results.
I used the splash guard as a basis. I took paper, placed it on the outside of the wheel well, attached by blue painters tape and traced (with a sharpie) around the outline of where the splash guard came in contact with the paint. I used this to make a template for the PPF.
I got a roll of Expel PPF from Amazon a few months ago for about $20, made a template for the PPF, (based on where the mud flaps came in contract with the paint). The film was easy to install. There is also a fine plastic ridge/lip on each flap. I used sandpaper to remove the ridge. Hope this...