Even if you just apply the wax over whatever is on there it will be an improvement, for a while until the wax goes away.
Thats what I always did with cars I detailed that had machined wheels that had been ruined by automatic carwash wheel brushes and cleaners, it looks to me like that possibly has happened there as well. Painted wheels hide it, but its really noticable on machined finish wheels like that. Use an thick oily wax, or use your Meg's #7 show car glaze, that will do it really well. They can be repaired probably, but they need to be aggresively polished with a heavy cut compound and a buffer with a small pad.
Just make sure to explain to the customer that the wheels are beyond repair and that the treatment you gave them was cosmetic and will be temporary.
Yeah that rusting is awful. You live in a heavy rust area but still, you shouldn't see rust like that...
It came out great considering where it was when you started!