In the Dodge Forum that I subscribe to, a guy painted his wheels with the rustoleum hammered look paint. Here's a link so you can see what they look like...
I know that these wheels are different then what you're talking about, but at least you can see what this certain application looks like. From the photo on the spray can, it appears that you can paint it directly over the rust if you wanted. But as KyDan stated, you'll need a wide open area to do it to keep over-spray from getting on anything and from keeping you from passing out from the fumes.
Anyway, I thought they came out pretty nice for being out of a spray can.
Where we've been:
2000 Rockwood Roo M-18 Hybrid
2006 Dodge Ram 2500 Auto 5.9 Diesel
Gone but not forgotten -1986 Rockwood 1003 PUP