Thought I'd update this thread since I finally got the paint on the rim to look good and cured.
The white-ish spots are just paint that's still curing, with me and the sun at just the right angle.
sanded rim down with 60 grit dremel sand drum
1 coat of rust converter, this stuff is annoying to work with since it sprays in a jet and not a mist
sanded converter with 320 grit sand block
3 coats of etching primer
3 coats of Dupli-color Perfect match nighthawk black
3 coats of dupli-color wheel clear coat
buggered up the clear coat
sanded buggered up areas with 120 grit sand paper
sanded entire with 400 grit
3 coats of Dupli-color black acrylic lacquer
3 coats of Dupli-color wheel clear coat
I'm rather pleased and a coworker said that the wheel paint is some pretty darn tough stuff.