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There was a thread on this a while back. The guy stripped off all the clearcoat, then sanded and sanded and sanded and sanded. Then polished and polished and polished and....well, you get the idea.
LOT of work. Most wheel refinishing shops will charge anwhere from $80 to $100 per wheel to put the factory finish back on it. In my opinion, this is MORE than worth it.
Had mine bead blasted to remove the clearcoat. Then they were sprayed with new clearcoat. The bead blast (media blasting) works well. You can go the manual route if you don't want to spend the money.
I did mine a couple of years ago. It's lots of work and there are lots of discussions here from people that have done it before. In a nutshell...
1. TalStrip II aircraft stripper to strip the paint and clear. I think any stripper will work but this stuff is awesome.
2. WET sand. I started with 360 and worked through 400, 600, 1000, 1200, 1500.
3. Polish. I used 3M fine cut compound followed by Mother's Billet polish.
I did not clearcoat mine. About twice a year I take 30 minutes to given them all a quick rub with Mother's Billet. A small 4" buffer would be perfect for this.