In short the following process is used to professionally polish/paint rims:
1) Chemically strip all existing paint from rim.
2) Glass bead the entire rim surface.
3) Polish the lip accordingly.
4) Thoroughly mask area that has been polished.
5) Prep/Prime/Seal & Paint area accordingly.
6) Bake paint accordingly to thoroughly cure paint if required.
Note that the painting process is done last, as this is the only way to get a perfect edge between the polished and painted areas. Any other method will yield lesser results, as mine still look perfect nearly 6 years after having them done by a local shop here in the Bay Area specializing in such work.
Regards,
Ken Little