I've been there and done that. I wet sanded for several hours till I was satistied or maybe just tired of sanding. Used 800 grit ( I was out of 320 at the time). I would recommend starting out with something like 320 grit (depending on the condition of your wheel and working down to either 600 and possibly something finer. I used a 5 gal bucket of water sitting in the floor between my legs and kept the wheel wet. Go at it till you get it smooth as is possible then let it dry overnight. I painted mine with a spray can of black high gloss acrylic enamel, designated on the can "for automotive use". If you want it really slick, wet sand it again with 1000 grit and respray. I was very pleased with the way it turned out for me and no more mess on my hands or pants.
I hope this helps.