I would suggest you have them done professionally if you've never done it before. If you do it yourself, be very careful to properly clean and prep the wheels before you apply the paint. And you will probably want to clear coat the paint for durability on the road. You might also consider power coating them. As far as keeping a polished lip, I would think you could carefully apply some type of coating on the lip that could be wiped off after the black paint dries. Taping would be a chore IMO. Some have polished the edge after the re-paint. If done carefully the result should look professional.