Don't know about electrolysis, but didn't have any problems bead-blasting my repop's. Cheap chrome didn't stand a chance...
http://i858.photobucket.com/albums/ab145/BagdadChevy/untitled-005.jpgCheck out the album below for more pics. I'm going to try Duracoating them for a little extra toughness, will post pics after they're done this weekend.
I looked around for a while for painted hubcaps. I have 3, and 2 are in really poor shape- not really wanting to put valuable time into those, I too turned my eye to the shiny new chrome set I got for nothing off e-bay.
One thing's for sure- the reproduced caps are not of the same quality as the old (they weigh significantly less for one)- but they'll do.