Powder coat any day. I bought some 5 spoke TT wheels and refurbed them using some hard-wearing black paint and then lacquered over them.
A As it was cheaper
B It was easy for me to do
However, last winter it pitted badly on the rears so the undercoat shows through - bit of a mess even though I spent ages in doing the job properly.
I did think of powder coat or possibly even stove enamalling initially but the "buggerring about" factor came into play and I took the simpler option. Some day, I'll whip them off again and do the job right in the first place.