Was googling up on refurbing the wheels and came across this, thought it would be fairly useful to throw up here.
http://www.wibimmers.com/board/index.php?/topic/60-diy-refinishing-alloy-wheels-polished-lip/
http://www.wibimmers.com/board/index.php?/topic/60-diy-refinishing-alloy-wheels-polished-lip/