Now I have just tackled all 4 beautiful alloys on my car which were in a fearful state, from previous owners' carelessness I hasten to add.
Being low-budget DIY man, I looked at those repair kits that you can buy, but I ended up buying the components separately from Halfrauds. Tube of fine filler to fill the deepest holes, aerosol of silver paint (matched by eye), aerosol of lacquer, mixed packet of wet-and-dry; that lot cost a tiny bit less than the kits.
I set to work with the multi-tool electric sander. It uses those curved-edged three-sided pads which follow the edge of a wheel quite well. As the car is seven years old I was not aiming for perfection; just improvement. The kerbing was widespread but not horrifically deep - mostly what appeared like bad pitting and a few sharp grooves. First impressions of a bit of cautious sanding were good, so I cracked on. I did the top half of each wheel, then for ease of visibility I rolled the car forward half a wheel's revolution and did the other sides.
This sanding alone seemed to have accomplished a lot of what I wanted. I moved on the the wet-and-dry, using 400 grade then 800, with a bit of water and plenty of elbow grease. When I'd finished that process, stone me - suddenly I had wheels I could bear to look at - more than that, then looked vastly better, and at first glance they even looked like they were In Good Condition.
I'm not sure if they may need balancing as a result, but I doubt it since the amount I have taken off is minimal.
In the process I'd used up only an inch-wide strip from two sheets of the wet and dry. I decided it was too much of a faff to try and mask four rims with masking tape, so I ditched the spraying idea. The alloys - now mainly bare metal around the edge - looked OK, but after a little thought I painted them with silver Hammerite. This looks a touch lumpy close-up and may have been an error. The bare metal probably looked shinier and smoother, but the Hammerite will, I suspect, give it a little protection.
Now, hopefully I can get a refund on the lacquer (I opened the paint can to test it - dammit) and the filler, plus I forgot I already HAD wet-and-dry in the shed. So the whole exercise could potentially have cost nothing. And while my wheels are not going to win any concours, from three feet away they now look the part.