I picked up a 1972 240Z, originally white/red that I am slowly bringing back to life. I am not sure if I will keep the car, but I want to do it right.   I have the original steel wheels for it, but they were left outside for some time and are rusty.  I will take them to be sandblasted but am not sure of what to do next.  Should I have them powdercoated (much more expensive) or just rattle can them when they are clean.  What are you thoughts?  Thanks!

Go to harbor freight and get a $20 hvlp spray gun. After blasting them put a coat of primer then a coat of matte black. It's way better than rattle cans in my opinion. The one I bought was purple looking gravity fed and I've used it for two years. Just take the head and spray tip off and leave in a jar of thinner. Cheap stuff but if you keep it clean it'll last.

I agree with SiteUnseen, once they are blasted you need to get some primer and paint on them sooner than later.  Depending on your tool setup you may not be able to use a HVLP gun.  Not only do you need a good compressor but you need a good air filtration system to keep water out.  Besides the wheels, how many other parts need to be refinished?  If you just have the four wheels, a rattle can will be the most affordable way to go. If you do it right they will come out looking good.  If you have suspension pieces and other stuff you plan to do, then investing in a HVLP gun and the equipment to support it is worth it.  Additionally, powder coating is done by the lot so if you do everything at once the cost per part goes down significantly.

I used satin Rustoleum spray paint when I re-did all of the suspension components on my lime green Z.  Even with no primer and using a wire wheel to clean everything, all the parts came out really good.  Check out my lime green machine link below for lots of pictures.