OK....I am late to this thread  - but those parts are so far gone you really should not try and save them.  The corrosion will be deep, and no amount of sanding and buffing is going to get the deep black pits out of the aluminum benath those white blossoms.  Even if you sandblast the pieces, you will need to powder coat them to get any kind of a finish on them.

You are either going to have to embrace the corroded look and build a Rat Bike, or powder coat or paint them - or you are going to have to get some better parts.

Okay, you need parts that will clean up and chrome. Is that thing Usable, safely? If so, would it be worth the effort to swap that poor, irretrievably uglified thing onto your bike and send the one you're using off for chrome? Nobody has to know how ugly it is,some paint would hide a lot of the fugly for a while. Then it's gonna flake off.

If do take the wheels apart......it is possible to get the hubs bead blasted, and then powder coated.  I have seen black hubs and they look really nice, and there are also silver colors that would look good.  Sanding and buffing to get polished aluminum is a very time consuming process, and you have to continually keep up with the polishing or it will corrode again....especially since you have removed the clear coat.

I've never used Muriatic acid on aluminum before so I can't comment on that. But, it's an old trick to remove rust from iron/steel by soaking it in Muriatic acid. However, it will turn the iron black. You NEED to wash the part afterwards with baking soda and water to neutralize the acid. Good luck and post some "after" pics. I'm curious as to how the acid works on aluminum.