Well what you could try, and believe me this is a long process is take the wheels off, leave the tires on if you want, and sand those wheels well. Sand the old finish off them. Use something like BONDO to seal up the rust and cracks etc. Coat it well, sand it again. Primer it with sandable primer. Sand it again to make it even. Paint it a new colour (yes colour), sand, recoat, and then clear coat, and if possible another clear coat. Now your rims will look at is if they were touched up. I've seen someone do it for their Lancer, it wasn't bad, and they painted them black so they looked okay.
