got my 99 cobra rims stripped to the metal and I would like to know what would be the most durable method to paint them so they won't discolor or peel/chip. I am looking for a flat or low gloss look. Any suggestion or advice?
I simply wet sanded my wheels with 600 grit sand paper, washed them thoroughly with soap and water, let them dry over night, masked the tires and valve stems, wiped them down with acetone, and hit them with a spray bomb. After an overnight dry time, I then used a clear satin finish to provide some protection from brake dust. They've held up quite well for almost 2 years now, and I get compliments at nearly every show.
If you want more than that, simply take them to a body shop and they can professionally spray them in the booth. Ask for a clear coat -- it'll really help with brake dust which will stain the paint over time.
If you do go with powder coating (I agree on durability compared to paint), be sure that they don't coat the contact area between the lug nut and the wheel. Under heavy braking loads (race course running) that part of the wheel can get hot enough to melt/break down the powder coat (around 300F-350F) which causes your lug nuts to suddenly be loose. Don't ask how I know...