I thought I'd share this after my own attempt at getting my wheels presentable.
Step one:
Give the wheel a good clean so that you can see what you are dealing with. Look for kerbing, scratches, and bubbling paint in particular.
Step two:
Rub the whole wheel down with 80 grit wet&dry paper - this will clean off any loose paint and leave a clean surface to work on.
Step three:
Fill any scratches and kerbing with P38, then wet rub back with 80 then 240 grit.
You should now have something like this:

Step four:
Clean the wheel and dry thoroughly - this is important to get a good finish at the end.
Step five:
Prime the parts you will be painting.
I used two coats of high-build primer to make sure I got rid of any remaining scratches or blemishes.
Step six:
Rub back to smooth with 1000 grit wet&dry using plenty of water and lots of washing up liquid.
After cleaning and drying:

Step seven:
Paint carefully making sure to avoid laying it on too quickly - you dont want to be sanding back a run!
Leave to dry overnight.
Step eight:
Rub down once more with 1000 grit - lots of soapy water again.
Step nine:
Once clean and dry, apply lacquer - carefully once again to avoid runs.
2 or 3 coats should see it right.
Step ten:
If applicable, prep and spray the centre caps and apply decals.
Job done!
