I do my own powdercoating, and while I won't tell you Im an expert, by any means, I will tell you that it is not real straight forward powdercoating the classic wheels.
I assume your buddy has more than just a kitchen oven to powdercoat in. The wheels will not fit in a standard kitchen oven. Need something bigger.
First off, all the clear coat that is on them will have to be removed, and the metal scuffed up to allow the powder to adhere properly, and in the right quantity. Once you do that, there may be no turning back.
If you're going to do the whole wheel, it's pretty straightforward, but doing just the rim or edge of the wheel, that again, will be tough to keep the line perfectly straight.
If it were me (and I've considered this), I would look at spraying my wheels with Plasti-Dip. I've seen one or two people do this, and it looks great. Plus, if you don't like it, you can just peel it off, and you're back to the original wheel.
I think you're idea sounds great and will really pop with the white/red stripe. Just want you to be prepared and offering a different approach that you can easily return from.
Mike