When your wheels are known to be sound and true, you can paint or polish them. Most steel wheels take a single silver color, and powder coating is popular as a way to put a durable, easy to clean finish on them. Do not powder coat an aluminum or alloy wheel, however, as the baking process destroys the temper of the alloy, and results in a brittle wheel.
If your wheels require a custom paint job on just a few highlighted areas, as with the alloys used in the 1970s, your best bet is to use a brush and be the best artist you possibly can be. You can also carefully mask the wheels and use spray paint with good results.
When your wheels are done, pay special attention to the equipment used to mount tires on your restored wheels. A modern tire shop should have "no-touch" equipment that will not scratch or dent your wheels. The time spent on the mounting and balancing equipment is the most dangerous time for your wheels. If you are using wire wheels or other wheels that require an inner tube, be sure your tire shop is experienced working with tubes.
Finally, modern balancing weights can ruin the look of a well-restored vintage wheel. Few people will ever wonder why a wheel has no visible balancing weights, but everyone notices an ugly weight. Spend a few extra dollars and ask the tire shop to install the weights on the inside of the wheel, or use stick-on weights behind the arms of the wheel, where they will be invisible to casual inspection. If you plan to trailer your car and do not plan to drive it at roadway or highway speeds, you can omit balancing your wheels entirely - but honestly, that's a waste of your effort to produce a great Corvette!