Chromium is not only a very hard metal (after all, it was used in WW-II to coat not only aircraft engine piston rings, but also the cylinder bores themselves, as well as coating the inside of rifle barrels.
Chromium is also, in itself, very resistant to even strongly concentrated acid. That is why it is stripped electrically, in the reverse of the process by which it's plated onto other metals.
Even a simple replate job (no straightening or dent removal) of such a simple, yet large object as an automobile bumper can run up to around $450 or so, and that's not even "show chrome", just restoration (per Bumper Boyz out of Los Angeles--who hit virtually every major real car show & swap meet across the country, doing bumpers on an exchange basis.
For starters, Caswell's setups are not designed for large parts--just the smaller ones you see on any car or bike. I would assume that a bike wheel would qualify as a large job. Therefore, I suspect that to adequately do a bike wheel would take a minimum of 30-gallons of the electrolyte, plus a requisite amount of copper, nickel and chromium (and, chromium itself is a very expensive metal!).
Add to this the labor involved, not so much in watching the plating "evaporate" in the solution, but in the buffing that will have to be done, not only on the original steel substrate, but also of the copper-plating basecoat, as chromium itself is hard enough to virtually defy buffing. It's the buffing that is the labor-expense item--that does take experience, as one false move, one moment of carelessness or inexperience, and the part can be damaged, or even irreparably destroyed. In addition, if the wheel is at all made of any pressed or roll-formed steel, its surface will be filled with minute stretch-marks, which are a bitch to polish out, so the final work there is generally done in the copper stage, as copper bonds readily by electroplating, and can be built up relatively cheaply (even though pure copper ain't exactly a cheap commodity either!). Then, the copper coating itself is buffed, to level it out, much like one would color-sand and rub out a nice paint job. Again, as with any buffing process, one misstep, and the part can be ruined, so it takes a skilled buffer to get it right.
Finally, it's on to the nickel plating step, necessary as chromium itself bonds poorly to copper (witness all the peeled chrome on automotive bumpers you surely have seen over the years). Finally, chromium is electroplated over the nickel. Well done, the result is jewelry. Done poorly, the result is disappointing.
One last part of this equation of which you may not be aware: A good-quality plater will use separate plating baths for each metal used, one for copper, one for nickel, and one for chromium. Either that, or they must stop and clean the electrolyte after each metal, to avoid contamination of the next step--are you prepared to do that? Oh, and you would be well-advised to not just dump the stuff down the drain--your local sewage department won't like you very well, and the US EPA, not to mention your State's Environmental people, if they catch you, can make your life very, very miserable.
Lastly, I suspect that if you are talking about a steel motorcycle wheel, it is a wire wheel, or at least a wheel that is very lightly built, correct? If so, then be aware that ordinary chrome-plating will make wire wheel spokes as brittle as glass! That's called hydrogen embrittlement, and is a result of improper plating techniques for that particular purpose--nobody worries about embrittlement in a large part such as a car's bumper, but on any stressed component, like your bike's wheels, it can be deadly--to you. The only proper way to plate a motor vehicle wheel or other stressed part of a vehicle is to have it "aircraft-spec" plated, which avoids your having to worry about the part(s) becoming embrittled. I doubt you want to do any hospital "sheet time", and certainly none of your relatives or friends want to read your obituary any time soon.
Now, after all this diatribe, it seems to me that $500 bucks per wheel isn't all that bad--you might take some comfort as well that the plating shop also likely has product liability insurance in place, just in case it's needed (and they'd better, if they are smart!).
Art Anderson