I have just refinished a set of rims, the method I used was:
Remove anodising using Sodium Hydroxide (28% w/w) and scothbrite, clear water rinse and neutralise with Acetic Acid (10% w/w).
Sodium hydroxide is a fancy name for Draino or Caustic Soda and Acetic Acid is a churched up term for vinegar. Suit up and get some fresh air moving when you do this as the fumes from these products can quite literally take your breath away and the Caustic leaves nasty chemical burns on skin, splash it in your eyes and there is permanent damage. Common sense and careful handling are the key. Mix up about a cup full and work in small areas swabbing the Sodium Hydrixide on with a sponge or rag, work it in with some scotchy and re apply until the aluminium starts to darken. Rinse and move onto the next spot and repeat.
Crack test, various methods are suitable (liquid penetrant and eddy current), but a good visual check will suffice after/as the surface is stripped using the above method.
Watch closely when you rinse the Sodium Hydroxide (you might need to lightly scrub the rim with fine scotchy as you rinse to remove the smut which is a dark grey deposit left from the chemical reaction) and observe for cracks at this stage.
Cracks often appear as dark lines on the clean surface. This is the result of the Sodium hydroxide continuing to react with the aluminium where the rinse water is difficult to penetrate. It is for this reason that a thorough rinse and neutralise is necessary as Caustic Soda/Sodium Hydroxide is highly reactive with Aluminium.
File and dry (coarse) sand the tyre lever burrs and deep scratches and corrosion.
Dry bead blast the tyre bead seat and nipple recesses to remove corrosion (some sanding and blending required using a small rotary burr).
Ream or polish out corroded spoke holes and valve/rimlock holes.
I use a reamer or a slotted thin piece of metal tube (driven by battery drill) used as a mandrel to hold a small piece of scotchbrite.
Use your imagination here, think of a dowel be it wood, steel, aluminium plastic etc with a hacksaw slot (or a filed out slot for the scothbrite) to form a fork in the end that you can slide in a small piece of abrasive paper or crocus cloth and what have you. Drive this with your drill and now you have a really effective tool for cleaning bores and inaccesible little areas, cheap and simple.
Wet sand 120 down to 600 or keep going to 1200 for a polished result.
Grey scotchbrite to achieve a factory brushed effect. Grey is ultrafine, red is medium and green is coarse. Use this as a guide only as different brands (3M, Norton) use diferent colours to denote the grit (equivalent grit).
Anodise the rim.
Dont kid yourself, all this takes a long time and you will still have used rims (likely fatigued) at the end of the day. The end result is satisfying and I have basically tried this method to recover an obsolete OEM rim for a restoration project. Would I go through this for a racer - No, not when I can buy new rims in the same profile as stock from most any online bike store at very reasonable rates.