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I would bead blast rather than sand blast - it leaves a smoother finish and won't erode the steel as much. You'll probably have to pay a machine shop $10-$15 per wheel to have them bead blasted. They'll need to be thoroughly degreased and then primed.
The paint you need is "Argent Silver" for Rally Wheels. A 12 oz spray can is about $10. You can order it from Mid-America (#100-701) but they can't air-ship it; aerosols are ground-ship only. You might get it from a local Chevy dealer. Of course you can use any old silver paint from the auto parts store, but the correct paint is a slightly different and unique color. I've always thought it had just a slightly green tint... I don't know. I just know that I've seen a lot of rally wheels painted with the wrong silver paint and they really stick out.
Sand or media blast them. I suppose you could strip them, but blasting is quicker. The color you want is called Argent Silver and it's available through the aftermarket suppliers. It's my understanding there were various shades of Argent Silver, depending upon year of application. The correct color for some years has a slightly green cast to it. Look at several sets of stock wheels and you're bound to run across a set or two which look a little green.
The wheels were painted at St. Louis. Fronts are argent silver; backsides are semi-flat black. They were painted by hanging them from the valve stem hole. It is correct to have a bit of silver overspray on the semi-flat black backsides.
:)