Well I drive a ST and was getting spots of rust on my wheels and what I did was 1st use a rust remover (cheap and at Wal-mart)...this took some time and didn't work as well as I'd hoped so I used an all purpose cleaner (crud cutter or 409 should work) called Crown cleaner (and it's not made to clean crowns or at least it doesn't say it does)
Anyway I sprayed the wheel down and ever so lightly scrubbed it with extra fine steel wool until I thought it was what I wanted and then rinsed off the wheel 2-3 times....let the wheel dry completely then clear coated the wheel.
no need to mask anything off and they looked pretty good.
sorry about the over explaining...just trying to reduce the picking apart of what I was trying to explain.
hope it helps!
If you have rust coming from nuts your wheel IS LOOSE !
Rusty nuts are nothing to play around with.