Had a couple of guys on another forum try it and didn't work so well. The powder coat where the spokes meet the rim and hub chipped off and made it look crappy. Also aren't able to true or adjust wheel if its all powder coated.
What they ended up doing was powder coating the hub and outer rim and replacing all the spokes. They were more than happy with that solution but might mean a little extra money for spokes in your case. Best of luck either way! I had thought about doing the same until I saw theirs.