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$125 per wheel seems like an OK price point for a professional. But if the surface finish isn't that important to you I would strongly consider your DIY option. Honestly, for $500 bucks all in you could get a cheap powder coat gun, powder, and a junkyard oven and powder coat your wheels yourself and then still have all the equipment on hand for the next time you want to powder coat. Take it from me: It's a little addictive and you'll want to do it to every metal component you can get your hands on.
Shop around a bit and you might find someone to blast/paint for $80/wheel.
The other option is to consider that they are just steelies so take your drill and wire wheel them, acetone wipe down and coat with rustoleum rust reformer and then a coat of the wheel paint of your choice and call it good for a few years.
No point in spending major money on them if you're going to beat them up again. I'd have to powdercoat my wheels like twice a year to keep them looking good...if it's mainly street then sure go for it but still think a rattle can is good enough as they are still just steelies in the end.
I blasted my Hurricanes with a decades old Craftsman sandblaster. Getting through the paint was relatively easy. Getting through the primer took FOREVER. After 2.5 wheels I gave up and took them to a body shop who blasted the rest for $80. It was a pretty rough blast and left the aluminum "textured" if you look at them closely. I powdercoated them at a friend's house for about $50 in powder. Each wheel takes about 45min in the oven to reach 400° and the fumes are pretty heady so wear a respirator.
In the end I paid roughly $35 per wheel for supplies and labor. All in it took days of sweat equity and time. NO WAY was it worth the savings. $125 might seem like a lot, especially times 5, but if you're thinking this is an easy way to save a few bucks it's anything but. If there's a next time I will drop them off somewhere and return with a checkbook. For trail wheels I agree with whowa004 and would consider the wire wheel and some renewable paint.
Had my '00 18" wheels done by a local Powdercoat company for about that much. They blasted, and powder coated all 5 wheels. Looks great and they are holding up nicely for Indiana weather and off/on with brake and hub service.