That looks great, my brothers silverado wheels have cancer like that too. I think ill have to share this link with him. How long did that process take and what was the approximate cost, if you dont mind sharing?
First I took the wheels to a tire shop to have the beads broken where I could strip and paint all the way around the lip. After that I taped the area between the tire and rim so dust wouldnt get inside. I used an air die grinder with some 3m roloc discs to strip the areas that were damaged. I went ahead and did the whole lip and outside area as you can see. I figured that if parts had already failed the other wasnt too far behind. I cant remember but I think I used the brown roloc discs. I made sure not to put gouges into the metal. They are pretty soft discs and shouldnt really damage the metal but its good to be safe. After that I used a red scotchbrite pad to scuff the rest of the painted areas. If I had just been spraying the silver and not an epoxy sealer I would have needed to use a grey pad and some presta scuff stuff because you would have been able to see the scratches with a red pad only. After that I just cleaned, masked and started spraying. I used a harbor freight touchup gun to paint these. Its important to get the sealer on smooth or otherwise you would have to sand it. Gun adjustments are pretty important when it comes to spraying wheels.
As for time...I think I spent about an hour on each wheel which was pretty much start to finish including taping.
Cost Im not really sure about because I already had all the stuff. If I had to buy it all separate it would be:
House of Kolor KD3000 Primer Kit- $55
Half Pint House of Kolor Orion Silver- $27
Qt of House of Kolor USC01 kit- $95
Tape, sandpaper, masking paper, thinner for cleaning, roloc discs probably $25
There are other products out there cheaper than this that can be used. I just already had all of this from previous jobs.