I love that paint, it's probably my favorite rattle-can paint available on the shelf -- but I don't think I'd put it on my wheels. I doubt you'll get balancing issues with this paint, it's texture is fairly low-profile, like skateboard grip tape, and less like stucco/rhino liner.
It holds up OK, pretty much average or slightly above, for a spray paint and does OK in the sun. I like it because of the texture and have used it on many projects and different surfaces. The armor on my PU has been sitting outside 24/7 for 2yrs now and it's not really "faded" - but instead looks faded because the texture holds dirt quite well (when cleaned it looks fine to me). Obviously it'll also scratch off when you hit a rock like any other paint or powder coating will. I've also painted 2 motorcycles with it and it looks pretty good since those tend to be kept clean and un-scratched.
As for wheels, I don't think I'd use it there because it's a place where you're actually going to see the gouging when it gets scraped off on a rock or curb, unlike the bottom edge of a bumper/sliders that you don't really see it. Even though the grit/texture in the paint will somewhat blend surfaces, it won't do that great of a job when you're trying to blend bare metal with 2-3 coats of textured paint.
