I did it to a set of X-11 and Grand Am wheels and it worked great. I plan on doing the same to my TT wheels.
1. Chemical strip
2. Bead blast
3. Polish the smooth areas (aandpaper then rouge)
4. Clearcoat
The bead blast might remove the old clear but a chemical strip goes fast. Also, the GA wheels looked terrible. I stripped the clear and they looked new (other than som minor gouges). The old clear is 90% of what makes the wheels look so bad.
Also, you might want to check out Bweavy's clear powder coated wheels. The price is great and from the photo's they look good. The problem is that some clear powder coated wheels I've seen look mottled (almost orange peel-ish). I'm hoping to see a set. If they look good, I might go that way instead.