just go to autozone and pick up 2 cans of gunmetal wheel paint made by duplicolor. it's great stuff and i've used it at least 5 times on my own cars. it sticks to the wheels very nicely for spray paint and is easy to touch up if you get a chip. just be sure to put it on somewhat lightly because it looks aweful when it runs. i usually also put down a coat or 2 of 99 cent walmart primer before the wheel paint and it works great. if you are painting with the tires on, the best way to mask them is index cards. just go around and wedge the corners of the index cards in between the tire/wheel one by one and it'll make a nice wall between the tire/wheel.
powder coat is for those guys with unlimited budgets