Refinishing wheels properly is a lot of work and you need to be very careful to get everything right. I spent hours and hours refinishing some SAAB/BBS RK2s (one of the few wheels worth that kind of time investment) about a year ago and they turned out great. However, I now see I didn't do everything correctly and it means the quality is failing.
Probably the best way is to blast and powder coat. That will give the best, longest lasting finish. Similar to OEM.
I didn't. I stripped the finish, sanded, filled, sanded, primed, sanded, painted, cleared. But I notice now I didn't prep everything as good as I should have.
If you're going to do it, absolutely remove ALL the corrosion. Prep is key. Can you match the original paint? If not it will never look right and I'd echo the PlastiDip suggestion. Along that line, I believe there is a sprayable vinyl coating that is more durable. LOTS of color options with that.