Do it it's extremely worth it and only about $30 out your pocket. Yes it can come out horribly but it really depends on how much effort you put into it. I used 1000 and 1200 grit sand paper for my prep, 200 and 800 grit mentioned earlier sound way too low and your gonna just scuff the rims all up. I used rustoleum wheel paint (your preferred color choice). Make sure to start off with some filler primer, then lay your paint, and clear coat and done! ha
Mine came out extremely clean people couldn't even tell they are painted.
Sure the paint wears over time but I have had mine over a year and still rocking hard.
Advantage about it being paint, a touch up is priceless! Get your left over paint put it on a cutip and dab if you ever get a chip! =]
Way more worth it imo than powder coating unless you just have money to blow.