I guess that the process can be as simple as you want it to be..... I used the IPD paint and feel like I had good results with it. To prep the wheels I removed the tires, buffed them up with Scotchbrite pads on a light air grinder, then shot a coat of etching epoxy primer. I painted only the exposed inside and outside wheel surfaces. Spraying while they were flat yielded only a few small runs. That took 2 cans for the 5 wheels. Probably more trouble than I needed to go to, but I want to drive the car another 20 years and redo as little as possible.

Triple 0 steel wool does wonders for the chrome trim rings. The thing I haven't done yet is touchup the wheel center covers - the ones with the raised V and the red background. Any ideas?