My $0.02, Polish them and scrap the powder coating idea unless you are going with the gun metal gray idea. The power ball works great if you keep the polish flowing. If you run the polish until it starts to dry up then it starts tearing the wheel. You will also want to use it carefully on the edges and make sure you use a variable direction drill. -Ed
Ive always been the one to black out everything, for the most part it always looks good on everything. I will probably end up blacking my wheels out before too long.