Since nobody had any advice, I worked on the center caps and got pretty good results.
First I removed the plastic emblem. Then I used acetone and a window scraper to remove the original coating (keep brushing on the acetone until the coating is very soft then scrape very gently).
Next I chucked the caps in a lathe at 300 rpm and sanded off the black corrosion, which was considerable. Start with 120 grit, then 400, then 800 then 1500 and finally with 3000 (this is wet). If you don't have much corrosion you can try polishing instead of sanding or just start with one of the finer grits.
Lastly I coated the caps with a clear acrylic lacquer.
Because the corrosion was so bad they did not come out concours d'elegance perfect but they look 1000 times better. I would not try this with the wheels.
Last edited by Old New Owner; 06-21-2014 at 02:33 PM.