I've tried the Armoral product and while it does work, you need to make sure you spray evenly and completely. If you miss portions of the wheel, you actually have brake dust migrate towards the untreated sections. While I think it does work and may help retard the brake dust collection, to me it's not worth the price. I just clean my front wheels more regularly (these are alot easier than the wheels on my Bonneville).

As for the better fix --- I'd go with what others on the forum have suggested with regard to the type of brake pads that can help.