Could you?
Already have...several times...but because you asked so nicely I'll do it again.
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Paint...
Pros...
Unlimited choice of color without a significant difference in cost.
No disassembly of bearings.
Superior gloss (If you want glossy wheels)
Superior corrosion resistance if coating is breached (scratched/chipped).
Cons...
Requires a significant cure time before full hardness and durability is achieved
Powder...
Pros...
Fully cured as soon as it cools.
Powder is usually cheaper for the actual coating process. There can be hidden costs.
Cons...
Limited color choice. You're stuck with whatever your coater stocks unless you are willing to pay for 10lbs of powder.
Wheels must be disassembled raising labor and possibly parts cost.
No corrosion resistance once the coating is breached.
There are other dangers of damage to parts if the coater you choose puts parts in the oven to remove paint then sandblasts. It is extremely common in the trade as much of what they do is steel, and that practice cuts blast time and cost.
Edit...the temps that the coater uses to remove paint are what damage aluminum. There should be no damage from normal cure temps.