I bought the paint, clear lacquer and etch primer from Halfords (a UK car parts shop - also affectionately referred to as Halfrauds! Due to some of their silly prices)
Etch Primer cost £9.99 - C$16.84 - US$12.80
Anthracite Wheel Paint - £7.49 - C$12.63 - US$9.59
Bodyshop Lacquer £9.99 - C$16.84 - US$12.80
It has taken a fair amount of time, but I've not worked on the wheel constantly. I think the key is preparation. I used a steam cleaner to clean the wheel before I even removed the tyre, watched a load of videos on Youtube, mainly a guy called Windy Urtnowski, he did about 7 or 8 videos on painting a rear wheel from an R1.
I used a dremel style tool to grind some casting marks out of the wheel to give a smoother appearance.
Once all cleaned and sanded using 240 grit wet and dry, I used Panel Wipe (Antisil 770) to clean the surface and tac rags.
Etch primer, sprayed on and then left for 24 hours before sanding, wipe with tac rag and panel wipe. three coats of the anthracite paint with 15 minutes between coats, had a slight run in the valleys of the spokes, so left for 24 hours again, before using 800 and 1200 grit wet and dry to sand the runs out, 2 more coats of colour, before leaving for 30 minutes and then start on the clear lacquer.
Now gonna leave the wheel for about a week, the weather has taken a down turn, before fitting the tyre.
Whilst that's drying I'll start on the front wheel :-)
Oh and one last piece of advice, get a good mask for use while painting and cleaning - the fumes from a cleaner I used absolutely bloody stunk and gave me a banging headache!! My dad has a woodwork shop and uses lacquer so lent me his 3M 6000 Series mask, I've now bought my own with the appropriate filters.