That routine sounds way too much.
When I did care about such things I did the following:

1) Remove wheels and clean thoroughly.
2) Polish with Autoglym
3) repolish with the autogym sealer
4) put the wheels back on (v. important, that bit)

Clean with ordinary car shampoo & water as necessary.

Repeat next year - I don't believe you need to do this any more frequently.

Now, I'm with John F: give me steel wheels with plastic trim anyday

It will be interesting to see how long you can delay the inevitable spiders webs of under lacquer corrosion with this routine, can be as soon as 6 months if left to the ravages of a bad winter.

The one thing i would do is avoid the typical cheapy roadside car washes like the plague, i've never had any of my cars (old as they are) cleaned by these people, who knows what chemicals they are using or what strength.

These wheels look lovely but unfortunately they do not last long because the slightest crack in the lacquer and there's the route in for salt, best thing if you can is to have a spare set of properly painted wheels for when the salt is down, what tyres you put on them during the salt season is your choice.

Some owners on the MB forum experimented with new chrome paints applied in better wheel refinishers when their diamond cut wheels went scabby, all too quickly, apparently the finish if done right it is very close to a cut/lacquer.