I have yet to tackle the project, but... Flitz makes aluminium-specific products. They have an Aluminium preclean (that you should keep away from chrome, from what I gather) that chemically goes after the oxidized aluminium, and then polishing balls made out of viscose that you mount on a fast drill. Then just take their metal polish, apply liberally to the rim and go to work with the polishing ball.
Here's a promo video that certainly makes the product look good. Might be worth a shot.
[MEDIA=youtube]_KWxjShHl4E[/MEDIA]
Another polish that looks insanely good from watching promos is Purple, lots of people here have mentioned they like it. But apparently you need one more step before that, the deoxidizer they also sell.
http://www.californiacustom.com.au/california-custom-catalogue/purple-metal-polish
[MEDIA=youtube]QpIzp5ftl78[/MEDIA]
