Yep - I did mine a little while ago now.
Whip each wheel off, get a wire brush and get as much rust off as possible. I then used a rust preventative treatment to keep any further rust at bay.
Let that dry, then apply the high temp engine paint (I used satin black on mine).
Paint a coat, let it dry for a while.
I decided whilst I had the wheels off to give them a proper wwash and apply 3 coats of wheel wax to each rim.
In the middle of doing this a popped another coat on the hub.
By the time i'd finished sealing the wheels the hub had dried enough to put the spacers and rim back on.
Took me a good 4-5 hours to do all4 corners, but worth it in the long run.