I've dipped rims multiple times multiple ways, so here is my $0.02 for those yet to do it:
Here's the best tutorial I used when learning (may be a better one now, but this will cover it all):
Plasti Dip Your Wheels
Tips:
-Wash your wheels the day of/night before real good! (do it by hand)
-Plasti Dip is normally cheapest at Home Depot/Walmart (everything at DYC is over priced imo....good tutorials, bad prices)
-The beauty of PD is that it's removable ->for it to remove easy though, you need to have a nice thick coating -> Use about a can per wheel (you'll use it all if you're truly covering every angle of the wheel evenly) and do about 5 coats (its really a pain to remove the little spots when it all doesn't peel off at first), 10-15 mins between coats, rotate the wheels 180 after coat 3
- Use a clear coat - it looks better, and the dip will last longer - anyone will do
- For this job, it's easier to spray the wheels off of the car, but most people doing this might not have the ability to take all 4 wheels off at once (I tried doing wheels one at a time, trust me it sucks) -> So leave the wheels on, use the garbage bag method to cover the brakes and spray all 4 at the same time (10-15mins between coats)
- No taping needed! Masking stuff off is a pain, but good prep is the key to a good job! -> simplest way is to apply ALOT of tire shine to the tire wall right before spraying, and give a quick wipe of the rim edge to make sure there is no tire shine on it (then the over spray just peels right off the tire, I made it a point to spray some of the tire wall at the end of each coat to make the removal easier)