Funny, I just finished up a lengthy post on this very subject on another forum.
Powder coating wire wheels has its problems. Mainly, it will be impossible to true the wheels should they ever need it without damaging the finish. Powder coat also cannot be easily touched up when scratched or damaged. DO NOT paint the splines. They must be clean, bare metal with a coating of grease on them. If you do powder coat your wire wheels, have them sand blasted first to maximize adhesion and prevent flaking.
The only "good" way to powder coat wheels is to do them while completely disassembled. This way the spokes and nipples can flex without cracking the finish between mating surfaces, allowing rust to set in and migrate underneath. Of course you may scratch the finish while assembling the wheels, and if this happens it is difficult to touch up.
A more practical solution is to spray them with standard paint. Moss, Eastwood and others sell silver wheel paints which are close to the original finish. Of course you can use whatever color you like if originality is not important to you.
I recently did a partial rebuild on my TC wheels including sandblast and paint. I used a self-etching primer followed up with Moss Silver spray paint. My only mistake was doing it on a cool day and being in a rush, but despite a slightly flawed finish in places the paint seems quite durable and can easily be touched up if damaged.
My paint booth:
https://www.mgnuts.com/temp/tcwheels1.jpg
Refinished wheels on the car:
https://www.mgnuts.com/temp/tcwheels2.jpg