I used the following procedure for painting the steel wheels on my '99, and had great results. The cost was 2 cans of primer, 3 cans of paint, 1 can of clear coat and a few hours of my time.

1. Remove wheels from vehicle
2. Remove center caps
3. Sand all wheel surfaces throughly with 220 grit sandpaper. This is CRITICALLY important!
4. Wash wheels with soap and water
5. Use alchohol or lacquer thinner for a final cleaning of all surfaces
6. Get an old deck of cards. Spread cards all around the wheel with slight overlap. No taping!
7. Spray 2 coats of "self etching primer". Wait a couple of minutes between coats
8. After 2nd primer coat, wait a few hours for the primer to completely set up
9. Spray at least 2 coats of wheel paint (Rustoleum, Duplicolor have a good silver) allowing sufficient drying time between coats. Check the instructions on the paint can for specifics.
10. Spray one or two additional coats of clear coat over the paint to protect it
11. Enjoy your new wheels!

 

Some before-during-after pics for ya. This is only one rim. Got two done today and gonna so the other two tomorrow. Thanks to everyone for all their help!

 

Krylon exterior satin black. Prep is the key!

I liked them better without the center caps after painting them.

 

That's what I used. Krylon satin. Love it. I kinda like the center though. Always liked that look on the Florida Highway Patrol SUVs. Same concept except they come stock that way

 

I like it with them as well on some XJ's but it just didn't fit on mine.... They kinda stuck out with me having nothing else that color on the jeep.

 

Duplicolor makes a good wheel paint that's pretty tough and holds up to some heat too. Scuff, prime, paint and a clear coat really makes a durable finish.