might possibly be doing all 4 just because if im going to do one, why not all of them so that they all have the same "gloss". well heres a picture of the wheel i need to repaint:

its got a bit of rust around the lip. dont know exactly why...i noticed it after i was stuck in a mud puddle for about an hour...however the front one was submerged too, and a wheel shouldnt rust like that should it? anyways this is how i plan to do it:
-take tire off (obviously)
-put 3x5 index cards around the lip to protect tire from paint
-sand the lip
-primer
-paint
-clearcoat
-dry and put back on!

did i miss anything?

also, the simulated beadlock, the little nuts that go around, they are silver, should i just paint them black too?

thanks for the feedback.