I sell shotblasting equipment for a living. So here's the facts.
We sell our blast cabinets, (and blast rooms) to a great deal of alloy wheel specialists for removing paint, (and corrosion on steel wheels). All of the cabinets use a 5/16" nozzle, that will consume 137cfm of compressed air. (the max you will get from a single phase compressor is 12cfm no matter how big your air receiver is.) They will process a complete wheel in approx 15 minutes.
Abrasive used on alloy wheels is aluminium oxide or garnet, never let anybody blast alloy wheels with chilled iron, it will bed itself in and corrode.
Chilled iron on steel wheels is fine, ie ferrous abrasive on ferrous wheels.
Most powder coated wheels will require acid dipping first to remove the coating, as blasting tends to just put heat into the coating and smear it around. It will come off with blasting but it is painfully slow. And for that reason alone I would never recommended having your wheels powder coated, never mind the problems involved in trying to touch up any chips to the powder coating that occur during normal use.
Central Blast Cleaning in Banbury will blast them, and wet paint, or powder coat, your choice. Further afield BG Penny in Coventry will also process your wheels.
If you want a standard colour, ie: powder coated silver or black, and your prepared to wait upto a couple of weeks, then you can get slightly cheaper prices as most powder coaters will do a batch together so that you can share the oven costs.
pm me if you want any other info.
Steve