I'd go for paint, I'm 50/50 on paint or powder for frames having done both but for wheels always paint imo.
The nicest thing about the 7 spoke mag wheels is when the rims and spoke flats are polished. There is no way to mask the rims for powder coat like you would when spraying.
Paint or powder the prep is the same, save for bearing removal and replacement. Alloy needs a correct primer but is easy painting even for a novice with rattle cans as no labourious wet flatting primer coats required, as the wheels inners are rough cast.
I powder coated my 81 gpz550 frame white, it needs to be kept super clean and it will make any scruffy parts of he bike stand out even more...years later it is looking scruffy, I will paint it soon in frost white metallic with 2k clear. I wouldn't choose white again, but on that one I want to preserve that vision I had in my mind's eye when I built it 20 years ago,
