Mannlicher, I've asked this question on all sorts of car and hot rod forums.
The concensus seems to be that Portawalls don't flex enough with the sidewalls of radial tires, and so they tend to come apart. I've heard some real horror stories.
In the process of searching, I did find a guy in Iceland who, along with a chemist friend, came up with a whitewall paint that actually works. The paint only dries to 50% hardness, so it stays flexible enough to move with the sidewalls of the tires. It sounds like a great idea.
If anyone ever needs to know more about this, just email me.