IMO no, if the paint is applied evenly. Backyard mechanic's way to check it is to take it out on the highway after all is done...and rebalance if necessary.
Basically what I did though I cleaned mine off really well. Pressure wash, soap, scrub off any rust. Tremclad professional primer and a coat of Tremclad professional rust enamel. Flat black.
I painted my daughters Civic rims a few years ago with Tremclad brushed on. I had sprayed it the previous year and all the rust came back the following summer. Three years now and no rust and no balance issues.