Check out this thread and link. The wheels on this project were blasted and powder coated. I'm sure you could use black instead of the silver for the cast section of the wheels. I'm planning on doing the same restoration to my T wheels.
Of course, it all matters how much you want to spend. If you want to spend minimal money, and yet display your talents at making something look good with minimal expense, like under $10, paint the wheels like this and then mask off the silver for application of the black. I know what I'd do.