The PO had painted the wheels all black, and had not been all that careful as there was black overspray on the unpainted parts. As it aged, the paint started to chip and I decided they needed to be cleaned up.

Before picture:
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So... I sanded the paint off the wheel areas as shown below.
Click to view attachment

I have yet to clean up the overspray areas, and I need to buff the aluminum to a better and more consistant shine. Then what?

Do I clear-coat the wheels? Do I leave the aluminum un-treated (if I do won't the aluminum oxidize?)

If you clear them, just make sure you use a UV resistant clear. Yellow clearcoats suck.

If you have already sanded of the sealer, hit them with polishing compound, then mothers. once you have the right level of shine, clear them. Or, if you don't mind spending about a hour a month polishing the rims, leave them as is.

That's what I was afraid of, and why I posed the question. Thanks!