I haven't done it but here is my thought, right or wrong. Lacquer on the wheels is the equivalent to top coat/clear coat on paintwork. There are three schools of thought, I believe, when fixings stone chips; fill in thin layers over a few days, overfill and polish flush or feather the edges of the chip and blend in the repair.
Of course, there is a fourth which is strip the whole thing and re-lacquer.
If it were me, knowing if it didn't work I could have the whole wheel refurbished, I would wet and dry sand the edges of the chip and apply lacquer in thin coats with the area beyond masked of. The point of the sanding is to get rid of the lip on the chip which will always stand out if you just fill. I think.
It may be worth getting a quote from a mobile alloy repairer; likely it would cost about half of a full dent/ding repair (which was £90 eighteen months ago).