Stripping stock wheels.
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Only thing I'd change about your polishing procedure is the grit lineup:
120
220
320
400 wet
600 wet
1000 wet
1500 wet
2000 wet
http://www.caswellplating.com/buffs/facer.htm
The black compound will take out the remaining sanding scratches almost instantly, and the white will make it bling. You can order them from the same site I posted a link for the buffs...
http://www.caswellplating.com/buffs/buffing.htm
...or you can get them at just about any hardware store. The stuff I've gotten from Lowe's in the past comes in little 5" tubes and is made by a company called Mibro. Just be sure to use only one type of compound on each buff. You can get rid of excess compound residue by spraying the wheels down with brake cleaner, letting it soak for a few minutes, then hosing it off. It helps if you do this in between switching from the black compound to the white as well.
The wheels can be clearcoated, but forget about off the shelf rattle can paint. Not only will it make the finish on the wheels ALOT duller, most of those paints aren't formulated to meet OEM paint standards, which means you can expect them to start flaking and peeling in a relatively short period of time. If you wanted to go that route, I'd either have them clear powder coated professionally (better), or get some Zoopseal (best).



