I got the same kind of deal on a set of 240 turbo wheels, except two had small dents on the edges. I got 4 center caps with the set of wheels, and I only paid $115. I stripped them with a spray-on foaming stripper and then wet sanded with 280-400 grit sand paper until most of the original finish was removed. Then, using a silver colored wheel paint, I sprayed on several light coats. I didn't use a primer, so I don't know how they'll hold up, but they look new from about 10 feet away. I ended up replacing the most damaged wheel with a refinished one I bought on ebay for $60, and it included a center cap. My total cost of refinishing was about $25, and I've got a set of 4 nice turbo wheels and one spare that's probably a little out of round for $200 total. Powder coating will give a much better, longer lasting finish, but the price wasn't worth it to me on a set of bargain wheels.

Good luck.