Somewhat off topic, but I have noticed many OE alloys (BMW comes to mind, because I have owned them) powdercoat the wheel first, then paint the outside silver. It works out to having a painted finish that is also very durable, since most alloy wheel paint failures come from oxidation from stone chips. I'm imagining a quality paint job on a steel rim would fail for the same reason.
For an all out concourse restoration, I would paint. For a street driven car, powder coating makes a lot of sense. Either way, the stripping is a hassle. I have access to sand and glassbead cabinets. I also have the HF 15lb soda blaster. It's a big hassle. The last three sets I did, I used a Dewalt cup brush on my angle grinder. Faster, and you don't need to worry about sand getting trapped in between the center and outer rim seam (all sets were prior to getting the soda blaster, but that does nothing on rust anyway). Letting a pro handle the entire job frees up your time for the precious detail work that shops hate because they can't charge enough, and we would rather do ourselves anyhow. I'll still continue to do my own wheels, because I am cheap, and like to have the pride of doing it myself. It took the better part of a day to do my rallys, though.