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I've refinished a couple of sets of wheels with pretty darn good results using Duplicolor's wheel paint. A job like the one shown in your post isn't too hard to do. As was stated, you have to mask the face of the wheel so that you won't get paint on it (duh).
It's important to clean the wheel very well, and then rough up the surface where you will be painting in order to allow the paint to stick well. You can use scotch-brite pads or you can wet-sand it. I chose to wet-sand with 320 grit paper which prepares the surface quite well and doesn't take too much time. After sanding, clean again really well with soap and then alcohol. Last use a tack rag or a lint-free cloth to be sure you get all the dust off.
When spraying, use light coats to avoid drips. Put two or three color coats on, waiting like 10 min between coats, then put a few coats of clear on using the same technique.
Part of the wheel is either painted black,or powdercoated,(inside part,and side of the spokes)wich makes the spokes appear longer,and the wheel bigger.
Do you like it? Should I try it?not sure if it is reversible,if I don't like it.
Emil, I would use a gloss finish because it's easier to keep clean.
I believe the wheel shown is simply masked and painted. Why change the finish on the surface of the spokes unless it's damaged? The factory finish is machined and clear coated. If you strip and polish it, it'll be more maintenance to keep it clean and shiny from then on.
If you do it right by roughing up the factory finish in the areas to be painted, it will not be reversible if you don't like it, unless you were to paint it back to silver, which would be close.