Im a Decorator and i use Nitromors to strip off old paint from wood/metal, like Lexx says it works a treat. The best technique is to brush it on and leave it for about 30-60 seconds and then go over it again with some nitromors on the brush and dab it instead of brushing backwards and forwards, it helps to lift the paint from the surface. Make sure you wear gloves and eywear as it burns A LOT if you get it on your skin and you dont want to lose your eyes!
Make sure you wash the wheels over with either white spirit or methylated spirit to neutralise the surface.
240 grade sand paper is a good smooth finishing paper, 180 grade is good for removing slight surface imperfections, also as lexx said, wet and dry would be the best technique to use if your doing it yourself.
As for aerosol spray paint it tends to leave a horrible orange peal finish. A spray gun would be the better option you can build up the layers gradually using a cellulose paint. You can also spray the laquer on this way too.
I wont bore you any longer, hope this helps.