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I use PPG DP-40 epoxy primer on bare steel, and then topcoat with an acrylic urethane single stage paint, or a base/clear, using a Mercedes code silver. Looks great on Virgos, Coronas, and steel wheels. They outlast the factory paint job by decades.
To my mind though, wheels painted body colour are kind of reminiscent of domestic cars and trucks of the 40's and 50's when that was quite popular. I had a 1949 Mercury panel truck, and it looked appropriate with body colour wheels. On a Volvo I am not so sure.
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