great question. Last weekend I used the Dremel tool with a new Silicone Carbide bit for non ferrous metals and smoothed the edge on a few small areas of rash. I then brushed on a thin coat of Duplicolor Primer ,then used the Duplicolor GM435 which is supposed to be the color match, but it's not. It's a shade darker.
but there is hope. The repairs look pretty good for a first pass which is really all I was intending to do.
My plan for the next 70 degree day is to 600 and 1000 grit sand the wheel edge, mask the tire and the wheel edge and AIRBRUSH the entire outer wheel edge with either the GM435 or the WAPB-9789 which is available from
http://www.paintscratch.com/. My only concern would be that the $20 paint from paint scratch will be the exact same color as the $5 paint from Auto Zone. I don't mind that the entire outer wheel edge may be a slight shade darker, the issue now is that spots are a tad darker and I notice it, someone else may not but I do and there are slight brush marks, but I can fix that. I'll use my previous years of model car building and painting and the wheel edges will come out nice and smooth.
The sanding,masking and prep will take approx. 45 minutes per wheel, the Airbrushing will take about 1 minute.
This paint is Lacquer based so be prepared to deal with Lacquer based paints when working.
I believe you can facilitate a reasonable repair which looks tons better than the rash , remember though, this is a not to be compared with taking the wheels off and having them resurfaced. This method cannot really get any excessively deep gouges out but can fix up those pesky small rash marks.