I refinish severely corroded aluminum rims. I use a wire brush to remove the flaked clear coat, wash them , use an oscillating tool to sand the rims with progressively finer grades of sandpaper, polish them , and spray them with clear coat. I used one container of Mothers polish, a package of sanding disks for the oscillating tool, and one can of clear coat to do the job.

How to use an oscillating tool :    • How to use an oscillating tool - a Ma...  
Four years ago I painted a set of rims with rust paint - they still look good and haven't needed repainting after 3 Canadian winters :
   • How to refinish aluminum rims on a bu...