How do you repair damaged clearcoat on gsr wheels? Wheel repair shops in northern california charge $129 - $180 to refinish a wheel.

Here are pics of damaged clearcoat on gsr wheels (note: these are not my wheels):

http://sfbay.craigslist.org/sfc/pts/370465963.html

Do I need a high speed buffer or dremel? Are there buffing attachments for a corded drill?
Should I use Mother's Mag polish or do I need to wet sand?
What is a good clearcoat spray paint to buy?