The problem with using a typical paste wax is the fact that it doesn't hold up to the heat that is generated in that area. Stick with a durable paint sealant.
I'm sure your idea has some merit but I've gone to the wheel care sections of most of the major wheel manufacturers and they recommend keeping the wheels clean and periodically waxing them. Not one suggested the use of paint sealer.
Here's an independent site that also recommends the same care procedure for chrome wheels.
A paint sealant is essentially a wax on steriods (ie. greater durability and heat tolerance). Check out an automotive detailing forum...they think the idea of paint sealants has some merit, too. Periodic waxing with paste wax isn't going to give you anything more than periodic protection.
Shine Shoppe Automotive Detailing
I'm trying to understand. What you're saying is essentially the same as Remo? He says wax - you say paint sealant (or wax on steroids??)? How is this sealant applied? Who makes it?
BTW - welcome to the CAC!
The Mequires #21 sealer - while designed for paint - looks like it might be a good idea. Sounds good to me.