Looks like the wheels need painting anyway and without removing the tyres you're only ever going to be able to do a half assed job of that so I'd suggest getting the tyres off and sorting the wheels from the word go.
The beads need to be smooth so a recently blasted surface is not ideal. You can hand sand them which is free but time consuming or use a hand held power tool which can be a bit vicious and so can go wrong fast if you're a bit ham fisted. Or you can take them to someone competent who can sand or cut them on a lathe.
/Dangerous suggestion mode on
A bare wheel can be spun up on a car by supporting the corner and running the engine. I've done it and lived to tell the tale but bear in mind that if part of you or your clothing gets caught up in the wheel it's not going to be pretty. A lathe may run a two or three horsepower motor and it'll likely be belt driven so it'll slip if there is too much resistance and yet one big enough to spin a wheel will still drag a person across the bed with enough force to break bones. A car engine is going to be many times more powerful and a geared drive with no effective slip so don't try this yourself unless you are prepared to grow a pair and take responsibility for your own actions and their consequences.
/Dangerous suggestion mode off
Once the surface is smooth paint it or powdercoat it. Proper prep, etch primer and decent quality paint applied properly is the key to a good job that lasts. Powdercoating - again the key is in getting a good job done.
As for the pinhole...... if it really is a pinhole then paint or powdercoat will seal it. If it's a crack or similar then it will need to be repaired properly and yes wheels can be welded but beware it's not a simple process if the wheels are maybe made of some exotic alloy mixture - it's not something Billy down the road with a TIG welder can be trusted with and so not usually economic unless the wheels are something special/rare.
Iain
Edited by ibrooks, 09 September 2015 - 03:57 PM.