I have restored my 10 year old wheel with this Carbon black product from duplicolor. No over spray issues, there is a video on YouTube showing how to use the product.
-half a can per wheel is 6 coats. So far I did one wheel and tested the product on the freeway and rain for a week. $11 a can Autozone etc
-a spray can gun $5
-battery power drill
-sanding pads $16.99
-engineer tape and pastic

Custom Wrap Automotive Removable Paint - Aerosol | Dupli-Color