I just did this with my 5 spokes except I powder coated mine.
I can honestly say I will pay for blasting next time.
If you do decide to sand them and paint over what you've got scrap the sander idea. Elbow grease all the way.
I wanted to go back to bare metal so I used a twist knot, cup and straight drill attachments brush.
This removed 80% of the 15coats of paint. :rolleyes:
From there a bloody good coat with nitromorse.
From there I used 4 * 80 grit flap disks again for the drill and a dremmel to get into the awkward places and along the lip.
It took approx 40hrs to get to smoothing down.
From there i used 120grit flap disks.
I don't think you'd have a smooth enough surface for paint though. You'd be hitting 800 territory and loads of extra time.
Just flatten the paint back Dave (assuming its not bubbling from metal nor oxidizing otherwise you hit the above process).