Powder coat, hands down, cant beat em with a stick (& if ya do, they'll take it like a champ!).

Trick is finding a good shop, so gettin in touch with the local classic car clubs and askin people who they take thier stuff to will get you what you need in short order.
It will cost more per wheel than painting, but it lasts longer & requires less care to keep them clean & nice looking.

1956 GMC 370 dump " 'Tater "
1970 VW Volksrod "the Black Bomber"
2007 Chevy Avalanche
2020 Jeep Cherokee Trailhawk,
2005 Harley Davidson FLHTCUI

I dig all cars, old and new, whether they were hammered out of American iron, German steel, or Japanese tin cans. Being unable to appreciate them all is missing out on a world of great things.
But thats just MY opinion! :P