Yea for sure try it out. If you dont like it, peel it off. If you like it and it is chipping too fast, use an actual paint.
My brother in law owns a powder coating shop and I asked him about it. He mentioned that if you are going to use an actual paint, that you want to stick permanently that you will have to strip the wheels down to raw metal using chemicals. He advised against painting the wheels and recommended the plasti-spray until I can strip the current coating off and do a good job powdercoating them.
Ill give it a shot this weekend and will post some pics.