I'm going to geek out now...
If you look in
MIL-HDBK5 "Metallic Materials and Elements for Aerospace Vehicle Structures", you can see what heat does to different Aluminum alloys yield strength over time.
For example, for common 6061-T6:
And for a 7075-T6:
For the 6061-T6, even a long 1 hour cure at 400F only drops yield strength ~10%. For the 7075-T6, you lose ~20% (find the intersection of 1.0 hours and the 400F exposure line, read up to the 80F test line). No data is given for tempered casting strength as a function of temperature exposure, but they do list data at room temperature for T7 condition castings which I would imagine would be affected by exposure to 400F in some way.
What happened to Petes wheels clearly a fatigue failure, perhaps exacerbated by a *slight* change in material properties due to the powder coat. It seems more likely to me that the wheels were a casting with shoddy QA and potential voids which allowed cracking to start... But the handbook doesn't have any information on fatigue life as a function of temperature exposure, so who knows. It's possible a "small" difference in yield strength of 10-20% might bring with it an order-of-magnitude difference in fatigue life, which is difficult to estimate in the first place short of doing tests on materials processed in exactly the same way. I'm not a metallurgist, I have materials people to answer the tough questions for me at work ;)
As you can see from the curves above,
things can start to change very quickly if the temperature and/or exposure duration are increased. The curves may be different/more extreme for other alloys. Also, there may be effects related to very sudden cool down/heat up ramp rates that aren't captured in those charts. That's why it's important to have powder coating work done by someone who knows what will happen to the metal, or who has the ability (and the understanding of potential problems) to consult with someone who knows. If you're taking stress-critical Aluminum alloy parts to them and they brush the issue of changes in metallurgy off, it's probably better to find another place to do the work.
My vote is for get rims in the color you want, and save powder coating for parts where stress and fatigue life are not critical.