Looks nice, but a nightmare for upkeep. Just from normal driving alone the wheel can can pretty hot from heat transfer (from brakes). Plus, you get brake dust build up which can be pretty abrasive when you go to clean it even with a soft brush and chemicals. For these reason alone I would not consider using anything non-permenant to create this look.
And if you go off-road at all, fuh-getta-bou-it.
If you must, automotive enamel followed by a clear-coat would be the best way. Powder coating is possible... and certainly durable. But how would you do the two tone deal with powder? Usually powder is done for single color applications. Don't think you can just mask out one area to apply the powder to. The powder would stick to your mask and get hardened too in the oven. Then, you will have a **** of a time removing the mask without damaging the parts of the red you want to keep on the wheel.
Another option I can think of is with Cerakote. It's a pretty popular finish for firearms and is chemical resistant and extremely durable. And being for firearms, it can withstand high temperatures too. There are two types, oven cured and air-cured. Usually applied by airbrush (paints just like automotive paints). Finishes are usually matte. But I believe they have gloss and satin colors too.
Personally, the reason to get a TH is for it's ruggedness. Making it more delicate and care-intensive is not the way.
