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I helped do a whole wrap on a 350Z.
It actually comes out sick, but plan on using a shitload of it, and don't try to do an area that's wider than say 2ft or so. It needs to lay down thick and wet in order to auto-level and if you try to spray it on light, it will look like fuck.
I'd do your wheels first. If you like how it looks and are comfortable with your ability to spray it evenly, then go for it. If you fuckit up, just put a lot on where you want to remove and it will just peel right off as long as your paint is in decent shape. If it's too think though, it'll be a pain to remove.
Also, it is a tint color, meaning you can black out your lights and they'll still light up when you hit the brakes, etc. Probably not legal inyour state, but who gives a shit?
if you have orange peel (where the clear has peeled off and it's dull basecoat underneath is showing) it will most likely not pull off cleanly unless it's on there super thick.
I'd still do it, just make sure you put a shitload on or it'll take FOREVER to scrub off.