Old school, sanding by hand.
The original alloys were in decent shape to start with, started with medium grit and finished up with crocus cloth. A couple of rattle cans of "hammer finish" black and metal polish.
Materials...$10.00 Paint...$15.00 sweat equity...Priceless!
I'm in this camp too. Sort of. Have almost done it twice now.
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First time I did it was when I sanded the blank parts, because the original lacquer was cracked and dirty underneath. The result was very nice and easy to keep nice with only an occasional metal polish. It was a hard job, I used a dremel and a drill with various sizes of 'rotating grit paper flaps' and finished it by hand and very fine grit paper. But the result was very nice.
After some years, the dark parts of the wheels were getting very bad and I also needed new tires. So the wheels were blasted and plastic coated. I chose a sort of gun metal color in the hope that it would make the spokes stand out while at the same time have the wheel appear dark, sort of like some modern wheels do. Well it did, but only at some angles and light conditions. Some times it just looked very dull and almost like a simple grey wheel.
So, I polished the rims like original and like the last time I did id, and have had this condition for a couple years now. It adds some contrast between wheel and tire just like a chrome ring does. I'm semi-happy with the looks of this. The attached photo shows the polished rim and the dull grey wheel.
I now only need to find the time and initiative to polish the spokes, and then I think it will look really great again.