Been thinking of doing mine as well, particularly for the winter months as added protection from road salt. I've seen it done with removing the wheels from the truck and keeping them on. Both instances worked out very well. The key, like anything else, prep time is extremely important for a successful outcome. Once the product is applied and cures Plasti-dip is very durable and can be washed however watch out for curb rash. The beauty thing about Plasti-dip is that if it is applied properly should damage occur to the finish it can be easily removed and reapplied. You're looking at having to apply between 4 to 7 coats to each wheel. The more coats the better. You can figure between a can to can and a half per wheel. Check out this forum or YouTube for more info.
Good luck and please post some pics when you're done.