This is what I did:
1. Powerwash first while they were mounted on the vehicle
2. Remove wheels/tires from vehicle (duhh)
3. Scuff surfaces with a 150 grit sanding block (walmart $3)
4. Cleaned surfaces w/acetone
5. Masked the tires (it was easy to using 6" pieces of tape. They tuck between the wheel and tire pretty well, hence not having to remove the tires from the wheels) (Also, I assumed the wheel/tires guys would have scratched them when putting them back on anyway)
6. Mask valve stem and lug nut holes.
7. Spray first coat (light)
8. Let dry 1 hour
9. (I skipped this step, but I would recommend letting dry 24 hours after the first coat, then light sanding with some superfine sandpaper) (I have some super-tiny, size of pinheads pimples that a novice wouldn't notice but a professional painter would)
10. Spray 2nd coat
11. Let dry 24 hrs, then install. Be carefull, paint was dry but still had a little rubbery feeling to it.
Total expense:
Sanding block $3
Paint - Rustoleum High Gloss Enamel 2 cans (really a can may do it) $8
Masking tape - free from office
Overall, I am very happy with the results and it was really a pretty easy job. The powdercoat vs. paint has been discussed here numerous times so I won't go into it. I "off-raod" frequently and assume that I will be redoing/touching up at least once a year.