I was thinking about having my stock Lariat wheels powder coated matte black to match my vinyl wrap. I know a place in Denver that will do it for $150/wheel. I want to try and get them down to $500 and I’d probably do it. I decided to go a different route with tires. Instead of the big off-road, power and gas mileage eating tires I believe I’m going with a performance tire, just haven’t figured out what yet.
I would highly suggest powdercoating over paint. Paint will not hold up well, even if your prep is perfect. If you're stuck on a DIY method I'd say plastidip will hold up almost as well as paint but will be easily removed or redone when it begins to fail.
It's been a while since I've done it but the last set of wheels I had powdercoated ran about $500 for blasting and coating.