if you do too few coats, it will be very difficult to remove.
I removed mine from the car, and did the front and back of the wheels.
I did the barrel to protect it from dirt/brake dust/etc.
I'll peel it in a few years before trade in, for my X. Makes the wheels black (or lots of colors) and protects the paint under it.
At the time I only had one jack, and could only do one wheel a night... so it took me a while. Now I have two jacks and can do 2 tires at a time.
in the US, I got 4 cans at a local hardware store... maybe $35 total... even if you mess it up, it's like a $8 fix. Just a lot of your labor/time.
WD-40 will dissolve dip too if you want to remove it quick... although I'm sure there are better products.
I used Simple Green as my "pre dip" washed it off, then dried it well, then let it sit for a while to dry. you don't want any water on it.
they make a lot of colors, and finishes, even metallics, so it's a cool product, just be aware that it's a learned technique, so you may mess up a wheel or two... but you can always redo it.
I messed up two wheels because I did mine when it was like 50 degrees (F) out. It should be at least 70.
If I want them to really pop, I'll use simple green on the plasti dip to clean it, then just spray the whole thing with tire shine. Tire (rubber) and the dipped wheel... it really shines.
You can also use Tire Shine as 'dip release'... spray the rubber first, and the dip won't stick to it.