I used to have a turbo Sundance(at 14psi it was quite a sleeper!)... I painted a set of "crab" wheels for it with the Duplicolor wheel paint and clear coat over it all when done. Came out great, and worked well.
I spent about 3 hours per wheel stripping the old paint off with aircraft paint stripped, followed by a LOT of sanding. By far the hardest part was getting the lip of those wheels clean and shiney and then masking it off to keep it free of paint.
IIRC there was one wheel that about 8 months later, the clearcoat started peeling off of the plain aluminum lip. It didn't have any problems sticking to the paint, but I think I either applied multiple coats too quickly/slowly or something to one of the wheels. All others still looked good up until my sister drove it into a lightpole and I sent it to the scrap yard(mad)
I actually plan on using it again(same color too) when I can get a second set of wheels for auto-x.
edit: And in my experience from offroading and stuff with my Jeep... gloss finishes will not permanently stain with mud/grime/crap anywhere near as quickly/easily as flat and semi-gloss shades do. I painted parts of my frame with a few different kinds of paints... one was semi gloss and another was gloss(hey it's under the vehicle... doesn't need to match
)... one wheeling trip out and after pressure washing everything afterwards, mud had stained all the semi gloss paint, the gloss stuff pretty much wiped right off. Make sure to do all your prep work to clean it up, wipe down with mineral spirits, then apply primer(if necessary... read the paint can labels of whatever color you want to use), then the color you want, then clear.