Well, here's the bad news.
It has actually eaten the lacquer.
I went to a local car detailer that does cars aswell as boats and he tried a variety of differt polishes, from very mild to medium abrasiveness.
What we realized was when we polished the problem area, the cloth would go black, indicating it's actually polishing the aluminium.
On another area on the same wheel the cloth would stay clear, showing that the lacquer is still in place.
I'll just leave it as is for now, just gonna put Rimwax on the wheels for at least some protection and get them refurbed when I can.
Good news is, I have now found a place to cater for all my Meguiars stuff, he stocks everything afaik.
The guys company is called Dirty Dubs and goes by the name of James (but I'm not really sure about the name cos tbh, I've forgotten already, sry)
Really friendly chap and really helpful.
Did mention the forums to him and he may register on here. He also mentioned that his missus is perhaps looking for a Zed too.
Here is his site http://www.dirty-dubs.co.uk/