Well the most recent paint job I did for wheels was to have my beat up old aluminum wheels powder coated.
BEFORE
AFTER
I did repaint some stock hubcaps a while ago. I used cardboard templates that I cut out to cover areas I didn't want painted or wanted painted with a different colour. I started by sanding the worst of the gouges out and generally just lightly roughing op the surface. Then I primed the whole thing. I went with stock colours ( as close as I could)
See the templates I made. I painted the black areas first and let the paint dry. Then put in the tight fitting templates and painted the second colour over them. Yes, I cut out a whole bunch of the wedge shaped ones, but I only painted one wheel cover at a time. I also touched up the black on the center caps.
Finished product.
Side by each before & after.
Not a professional job, But they looked 100% better. I also coated them with 3 coats of satin clear coat to help protect them from the elements and brake dust.
Cheers