I found the below on bmwtips.com, haven't tried it myself:
My ULTIMATE guide to Brake Dust Be Gone!
Posted by: Dinan540boy on 2002-05-18 at 19:38:33
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Hi guys, i know everyone tried all the wheel cleaners and all the suggestions everyone has about wheel cleaning, but most of them work ok or not to my standards. But I've finally found something that works amazingly! A couple months ago I was lurking on the e46 m3 board and someone mentioned using Klasse acrylic glaze on your rims, it puts a coat of clear acrylic on the wheel that lasts about 6 months. I was tired of using conventional waxing every time I clean my rims, plus the heat of the rim cant be that great for the wax. I was worried that if I used it on my brand new BBS RX2s that the clear coat might get messed up or it would start to cloud, but someone had to try it out on non OEM wheels, so I did. I put the coat on about 2 months ago and its still just amazing. I would have posted earlier but I wanted to try it on a semi-long run to be sure, I wouldn't want to get you guys excited for no reason! All you do is follow the directions on the bottle, put it on, let it dry and buff it off. Then your wheel is ready to roll. 2 weeks after I saw a lot of brake dust on my wheels and was disappointed it that there was so much. But after spraying on my Meguiars Hot rims and letting it sit for a minute, I hosed it off and much to my astonishment, 95% of BRAKE DUST GONE!!! So far this has been the best method I could find. I don't care if my wheels get dirty, I just want them to be easy to clean. And this solution works very well. There are 2 Klass Products available, The klasse All-in-one, and High Gloss Sealant glaze. If your wheels are new you can use just the High Gloss Sealant Glaze, but if your wheels are some what old then its better to use the all-in-one followed by the high gloss sealant glaze. In my case I just used the Sealant Glaze since my wheels were new. A word of caution though, these products worked fine on my wheels, I don't guarantee the same results for anyone but I recommend trying it at least if you are willing to. Also, they didn't damage my clear coat but I don't know how it would react to other wheels'. Follow the link and the last pictures are of my Brake Dust Team and shots of my wheels after spraying cleaner, letting at sit, hosing it off.....WITHOUT ANY SCRUBBING. I hope this works for everyone as well as it did for me. Good luck, and have a great...brake dust free...weekend!
P.S. After I buffed off the sealant glaze off my rims, the shine was amazing, they looked better than when I received them, Tyrone can verify that too. Remember, it worked for me without problems but be careful when you try it on yours, try it on a small part first to be sure.
2006 Honda Odyssey EXL-RES
2006 Honda Accord V6 EX-L Sedan
1999 BMW 540i 6-Speed (Sold to M3UOND on 9/21/06)
1991 Honda Civic Si - Occasional Beater