I plast dipped my winters last year. 4 cans to do 4 wheels, took a day leaving about 2 hours between coats with about 3 or 4 thin coats. The wheels lasted all winter without any issues. Removing the wheels to put the summer sandals on the wheel brace pulled a bit on the coating on 2 wheels (due to me being careless) so I had to peel those wheels and will be recoating them again to go back on next month.
The stuff seems to be fairly durable for wheels. It's not affected by brake dust, no trace of stone chip damage even on a set of winters which have seen their fair share of grit and salt. If you need a tyre replacing I doubt the coating will come off very good but it's really easy to just peel it off and spray again. Some people don;t even remove them from the car to do this.
I have actually just ordered a few more tins to do the 2 wheels I have to repair along with a few more parts. The price of the official stuff seems to have gone up so it's no longer the cheap option it was (cost me £10 a can last year and cost works out double now). However, there are a few UK companies doing very similar products now so I've ordered from one of those to see how it goes as it was more than half the price.
After several months use through the winter. You can still see some of the overspray on the tyres where I couldn't be arsed peeling it off properly
Wrapping a wheel yourself will be an absolute pig of a job. I've wrapped a few car parts in my time and even something like a mirror cap can be nightmare due to the curves so I'd imagine wheels will be very very difficult unless you are a pro. If you are going to get a pro to wrap them then i would guess a refurd/colour change would cost as much so might as well do that.
I'm thinking that I will try one wheel in black, one in gold (just £20 investment) and see what I prefer. I've watched a few vid on doing wheels. Seems simple enough.