I didn't see too much info on this here before so am posting now in case it helps others.
I finally got sick enough of my old rusty steel rims on my 97 Tacoma to buy some used aluminum alloy rims off
ebay. Since I had the opportunity, I decided to clean them up since the clearcoat had lifted in some places, resulting in dark patches of surface corrosion.
These are the older wheels with 6 spokes in 3 groups of 2. I removed the old clearcoat by appling semi-paste paint stripper then scrubbing off with a stiff brush and hosing off outside. The clearcoat bubbled right off the smooth outside of the spokes. It took several applications and a pressure washer to get it off the sides of the spokes where the surface is rougher.
I cleaned up the corroded areas by wet sanding 220, 320, 400, 600 paper. Then polished with Mothers aluminum and mag polish. The areas that were previously protected by clearcoat and not corroded took very little work. I didn't get obsessive; it's only a truck! I tried to preserve the fine machined grooves on the polished surfaces.
Maybe you can avoid clearcoating at this point if you don't mind repolishing your wheels every week, but I knew I wouldn't keep that up all year here in Maine.
I tried one wheel with a spray can of clearcoat from the local auto parts store but didn't like the results, so I stripped it off again.
So then I tried Glisten PC from POR15.com, which is advertised for application to wheels. This is a 2-part system, and seems tougher than a single part acrylic laquer. First I wiped any polish residue with POR 15 solvent. Then I applied AP120, which preps the aluminum. I hosed off after 2 minutes per the instructions and let the wheels dry overnight. The next morning I mixed up part of the pint of Glisten PC and applied with a foam brush (always use the ones that are stiffer, not the Home Depot cheapies). I'm horrible at spraying, but I'm used to varnishing canoes and kayaks all the time with almost perfect finishes so the brush method was preferable to me. I applied the clearcoat under a plastic tent in my heated workshop to shield from dust, where I usually do my boats. I used a charcoal mask due to the fumes. As advertised, this stuff levels right out nicely, but you seem to have to work quick to maintain a wet edge. I applied 2 more coats, waiting an hour between coats.
I had a few minor sags in the 3rd coat; probably due to my inexperience with this product or it was not thinned enough. But i decided not to obsess anymore and just put some tires on. You don't even see the boo-boos unless you really try, and the wheels still look better then most peoples. On a nice day sometime, I can wet sand and rub those out if I feel like it.
For a few hours of work, it seemed worth the effort. People keep asking me now if I've bought a new truck!