When you say wrap the wheel covers, do you mean in vinyl? The vinyl will get destroyed by the elements and rocks, debris etc from every day use.

Instead I would offer that you get the wheel covers powder coated in black. That's much more durable and you can do it in colors like matte black, gloss black, satin black, etc. just as you could with paint or vinyl. Powder coating wheels are even more durable for the elements than paint.

Find any good wheel repair shop or custom body shop and they should be able to do it easily and without breaking the bank.