John,
I would recommend that you consider Powder coating. Don't know if there is an exact match for Vincenness Red out there in Powder, but I bet there is. If the outer surfaces of the wheel are not severely pitted, I would think Powder is your best bet.
For one thing, SOP is to have the wheel sandblasted down to bare metal, which lays the rust issue to rest for the future.
My tastes (okay this is only personal) find the small hub cap + trim ring and the original pin-striping look best w/ black wall tires.
You didn't mention which size hub caps you'll be running, but if they are the small ones, you ought to start looking for a pin-striper that can give you the appropriate gold rings that I believe came w/ your wheels. You might also want to record the diameters of those rings before you do the paint removal/blasting.
I bet that someone has already weighed in w/ the appropriate powder formula in the 44 posts that Bill mentioned. I do think that red wheels are the best looking option for a car of your vintage (1941?) and color (black).
Mark Lowery, CLC #25216