Many people use plasti-dip to protect the wheels from winter road conditions. Below is a good test of the dip on both the car and the wheels. The key is to apply it correctly and use sufficient base coat and top coats.
I suggest you have a look at
https://www.dipyourcar.com/ and you will find great vids on how to apply, what to expect, and the unlimited uses for plasti-dip colors, etc. Fonzi also has tutorials on using things like glossifier and pearlizer. He is NOT on the list of vendors for NICO yet (no plasti-dip retailers are), but he's a great guy and his company has excellent customer service. He has colors and products no other plasti-dip supplier has. I am recommending his company from personal experience only and I am NOT associated in any way with his company.
http://youtu.be/q37dZ2YdXl4
http://youtu.be/q6CmiZu55iw
Below is a vid of a guy who does off-roading in his jeep. It's a long one but it details what the wheels went through, how he fixed a scrape in the dip, and how the dip is safe even for high pressure washing.
http://youtu.be/CDifWczQbUs