Just use whatever you like, it'll probably work fine. I would go with your most durable sealant though.
The big thing with wheels is *how* they get "dirty"...the brake dust and bits of metal are kinda nasty, so a "soft and grabby" wax isn't the best thing to use. But hey, I've used Souveran on the Jag's wheels and other than needing redone quite often it worked out fine.
No, wheels don't get as hot as one might expect, at least not on street-driven vehicles (and I never had any issues on cars I tracked either).
In the recent past, I've used KSG and FK1000P and the various Collinites. Of those, I kinda like the FK1000P the best, but many layers of KSG is a great way to go too.
IMO one can make a good argument against LSPing wheels too...you gotta clean LSPed wheels with shampoo (wheel cleaners will clean off the LSP pretty fast), and that doesn't always get 'em clean, especially if they get really nasty between washes. Wheel cleaners are generally a lot more effective. No, a "clean, but not LSPed" wheel doesn't look quite as swell as a waxed/sealed one, but after a few miles of driving/braking the diffs are pretty minimal IMO. I go both ways, LSPing the ones on some vehicles, but not doing it on others, and it's not like one looks incredibly better than the other (no other differences either...the finish on the unLSPed one doesn't degrade or anything like that).