I'm on the last of 5 Alcoa aluminum wheels that came on my 1997 F350 Ford that were clearcoated (clearcoat looks nine until moisture gets underneath of the clearcoat and then it gets ugly with white rust...
I stripped each will with Zinzer Power strip to pull the clearcoat (only stuff that works, pressure washed each of them, sanded the bad spots with 320 open coat sandpaper and I'm polishing each on to a mirror finisn with a hard muslin (sewn) buffing wheel chucked in my 4 1/2" angle grinder. Takes about 2 hours per wheel.
After I'm done (and they look like chrome) I go over them with Mothers Mag and Aluminum polish and call it good.
I do them with the tires off. The shop that remounts my tires has already aske me if I'd do aluminum wheels for them. I replied sure, 75 bucks a wheel and the owner told me at 75 bucks, he would keep me busy polishing wheels as much as I wanted to.
300 bucks a set of 4, cash. Nice pin money for a retiree.
It's a lot of work but the end result is fantastic. I used red buffing compound and laod the wheel often.
I plan on going over my wheels yearly with Mothers.