It hasn't been even 6 months since I dipped my winter wheel set, but after a couple rounds of car washes (manual and automatic), tire rotations, and daily driving in salty slush mixed snow (during the joke of a winter that we've had), I can report that so far so good. I am not seeing any edge peel, surface splitting, or fade. I made sure to put down multiple coats of primer and paint followed by 2 heavy coats of gloss clear coat. All in all I have about 9 or 10 coats on my wheels, just like Fonzie recommends. If I don't get bored with the color, I'm hoping to get 3-4 seasons out of them.
I was fortunate enough to have a fresh set of wheels to apply over, though, which really helped streamline the prep process. Since the steelies I was using already had a flat/gloss finish all I had to do was take a little bit of windex and wipe down any surfaces, including inside of any holes I was going to spray over, with a microfiber towel. This step ensured that any surface grime/oil was removed prior to applying the dip.
I think the one drawback of plasti dip is how the surface gradually cakes up over time. I don't think I'll ever get the dip to be as shiny and clean looking as it was on day 1 EVEN WITH the clear coat (although it certainly does help). Maybe I could have done something differently... but it almost seems like the pliable/flexible nature of dip allows dirt and brake dust to embed itself into the surface that no amount of washing will fully get rid of. I would say on a good day I can get it 90% clean. This is good enough for me, especially on a cheap winter set, but its not 'show car' quality. I think for that a powder coat or better yet a proper paint job would guarantee a more professional look.
I am also not sure how plasti dip stands up to heat especially on the track. Maybe it'll be fine? I would almost be more concerned about the excessive amounts of brake dust. I know dip is advertised as chemically stable but brake dust has a pretty nasty chemical composition. It in combination with elevated levels of heat could cause the color to 'wear out' faster?