i just used duplicolor, i was painting my bullitts black to match the deepdishes that i bought for the back. then i put on about 3 coats of clear. they looked good but now they are a little dull compared to the backs.
My best friend is a auto painter and he painted my 10.5 bullitts with automotive paint. It was a single stage black and it turned out beautiful. The biggest pita is prepping the wheels properly. It took about an hour a wheel to scuff up the old paint and little corners and crevises with scotchbrite pads and a special fiberglass pen. If you do not do this properly, then the paint will not adhere properly and it may chip or flake off. I would have it done professionally if you do not have help of a pro or the proper supplies.
Your best bet would actually be to get the things powder-coated. I got my factory 5's done this winter and love the outcome. I will post a few pictures tonight. Cost me 50 bucks a rim and tthe worst thing about them is that its hard to keep car's paint as shiny as the wheels.
Yeah, powdercoat is probably the best option, most durable, but if you do decide to paint, Dupli-Color makes paint specially for wheels. http://www.duplicolor.com/products/wheel.html
thats a great deal on powdercoating, if you can get the same deal do it, around here they wanted 100 per wheel. i would definitely do powdercoating over paint anyday.
Powder coating is more durable for sure, and painting is probably cheaper and may not take as long. It depends on what is best for you. I have found that if the wheels are not hit with anything physically the paint holds up just as well as it does on your body. The powdercoating place in my area is expensive and will need the wheels a week or two. Painting my wheels took one day and should cost much less, especially if you prep them yourself and just have a paint shop spray them and bake them.