For what it's worth, I have sandblasted several sets of wheels on the motorcycles I rebuild as well as cars that have chipping finish on them. Sand works well and does not pit nearly as bad as you might think. In fact the sand will leave a better area to bite/adhere to. One thing to consider is how you will be finishing the wheels. I use a 2k primer with an automotive base/clear finish. Or I powder coat them. If your just going to rattle can them, then be sure to use a lot of air and a good pre-cleaner to remove all the sand.
Baking soda is fantastic, but IMHO not cost effective. You can go to HD or Lowes and buy playsand and use it for $2-3 for a large bag.

If I can help with any questions, feel free to email me. Also, be sure you have plenty of air and "dry" air is very very important when media blasting; regardless of what media you use.