^^^ Took the words right out of my mouth. Letting the air out lets you get more of the bead which will help make it look like the whole rim is painted and not just the face. It wouldn't be very pretty to have a black wheel with a sliver or bright silver around the lip's edge.
Prep depends on what you're doing and how you want it to turn out. For a full-on paint job you should sand with 80 grit to get the imperfections out and scuff the primer. Then spray a coat of primer or high quality wheel paint. Then wetsand, clear coat, wetsand, etc. as needed. Or you could just hit thme with 80-120 grit and spray with a few coats of Plasti-Dip spray which is what I almost did to my stock Swings over the winter.
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