Guess it depends on the level of finish is desired in the end product and budget ?

Remove, dismount tire:

.sand blast and fill rust pits then powder coat would be a long lasting perfect finish.......... at a cost.

Sand blast, finish as required, prime and paint. Paint ? .......rattle can, DIY spray, professional spray..........???????? Budget $20 to $400 depending desired finish.

Drip strip, derust ........body work finish, prime and paint.

Wire brush, treat the rust, prime and paint.

Many buy new trailer wheels 6x16, 6-8 lug for $50-80 each .......with factory powder coat when given the costs involved. Again varies by desired look, original stock, color, tubeless bead lock, etc.