I'll post more details and options later, but basic steps for me were...
Strip paint from inside holes AND on the inside/back side of wheel (I left the holes natural aluminum and wanted to see clean aluminum behind each hole). This took several applciations of stripper. On the last couple of coats, after it set a while, I hit it with an old toothbrush to loosen the paint out of the rough aluminum texture.
Filed blemishes from outer edge of rim.
320 grit sandpaper to remove all scratches and the oxidized finish.
600 grit sandpaper.
Edge-buffing wheel and "No 7 rubbing compound" TWICE.
Another buffing wheel and "____ Polishing compound" TWICE.
Mother's Aluminum and Mag Wheel Polish applied and removed with a cotton cloth THREE TIMES.
It was a LOT of work. If it wasn't for my desire to keep the car easy for someone to later return to factory/NCRS standards, it probably would have been wiser to chrome them. Saves the future maintanence and would be a couple of notches shinier...

I started with 180 grit sandpaper. had some deep scratches I wanted to get out. then 220, 320, 400, 600, 1000 and 2000 all done by hand. then with a buffer, a medium grit rubbing compound, then a fine grit. finished them off with the Diamond truck box polish.

The Eastwood Company produces a product called East Diamond Clear Gloss Finish for bare metals, including aluminum. As a spray can, it is self-leveling and will not crack, chip, fade, or yellow. It is also resistant to fuels and can withstand temperatures up to 300 degrees. Ideal for underhood applications. You can reach The Eastwood Company at 1-800-820-9042 or www.eastwoodcompany.com.

Wenol...it is a metal polish. I used it on my wheels and they look very good for the amount of time I put in it. I hit them with wenol and a orbital polisher occasionally. Wenol leaves a protective film behind. Aslo have used another product called Bush. Supposedly a little more agressive with oxidation. It claims to leave a protective film behind also.