What about a dremel to get the nicks out?
^^and extremely unsafe if you get a finger, item of clothing or hair caught . I would extremely strongly recommend NOT using this technique purely because of how dangerous it has the potential to be.
If you want a super consistent show quality finish, take them to a metal finisher. You could possibly even use a lathe as a slightly safer option. Doing it by hand will be sufficient to net you a decent result. Coarsest grit to get the defects out, finer grit gets the scratches you put in it with the coarse stuff out, next one up gets the scratches from the last one out, etc etc then polish.
You can have any brew you want... as long as it's a Datsun / Corolla / What is that?
What about a dremel to get the nicks out?
MOPAR or no car!
That will more than likely just make a bigger mess due to the small size of the tool, you may remove the pit but you will probably only make a bigger low spot
My MKIIIs were the same condition as yours to begin with.
I started at 240. This will take the most time. A lot of wheels have a layer of clear on them which will need sanding off, then just keep going until the finer pits begin to be removed. Then work upwards in grit: 400 - 600 - 800 - 1200 - 2000 - then I used Autosol. The autosol is what REALLY gets the shine up. Did it a few times over, and it just kept getting better.
I had a spray bottle full of water, and had the car jacked up as Geoff (Dove Grey) suggested with the car idling in 1st. It makes life a million times easier, and you'd have to be a complete tard to screw it up. Just eb careful when going near the centre, and keep spraying water on it to keep it slippery. The minute there isn't enough water, the paper will stick and take your hand with it. Take the bolts out, and the air valves out. I left tyres on and broke the bead and pushed them back.
My AE86 full restoration:
http://www.ae86drivingclub.com.au/forums/showthread.php/79121-Jarrad-s-AE86-resto-project
Wow, they look really good Jrad! How long did it take to get just one wheel like that??