I too was kicking around the idea of painting, powder coating, or replacing my chrome wheels when a friend recommended I test the idea by using Plasti-dip because I can use a pressure washer if I want to remove it later.
It only took 2 cans to do all 4 rims. He told me that no masking is needed because it is rubber that is being sprayed on. I masked 3 of the 4 tires tires anyway and, just like he said, the overspray just rubbed off once it dried. (I stuffed some plastic bags through the rim to prevent the spray from getting onto the brake rotors.)
I attached some before and after pictures. I sprayed them in early May and it is now September and they still look great! I have been through gravel roads and mud puddles up to the axle with no problem.
If I do get a scratch in it, all I have to do is hit it again with the paint can!
The spray costs about $5 per can and I got mine at Home Depot. You can ytube it and find many other uses for plasti-dip.
In the end, I get the look I like for ten bucks and can defer the cost of new black rims until later like when I am ready to upgrade my tires.
2007 F-350 W/Lariat package
4x4 6.0l diesel engine
Leveling kit and 35 inch tires
Coolant Filter kit
EGR Delete Kit
Glowshift Gauge Pillar Pod (EGT, Trans Temp, Fuel Pressure and Coolant Pressure)
Fuel System Blue Spring Upgrade
Diamond Eye 4" stainless steel turbo back exhaust kit
Backup Cameras from Tadibrothers.com for both truck and 25' Travel Trailer