I believe the best real magnesium wheels being made for early Trans-Am era cars come from Ray Frankin at Vintage Engineering. Ray's Torq-Thrust and Minilite style wheels are incredibly accurate, and the raw material and casting quality is the best I've seen.
I have an unused set of original magnesium Minilites that have never been without paint, and have never seen rain or moisture. The casting quality of these original Minilites is nice, but the Vintage Engineering wheels have a much tighter "grain." I guess others might describe the Vintage Engineering wheels as having much less visible porosity.
I've attached a picture of one of Ray's wheels in bare magnesium, though treated with DOW 7. I wish I could post a larger image size to this forum, because a higher resolution would better illustrate the quality of the casting.
Vintage Engineering's site, and much of their other efforts with McLaren and Lola castings and parts can be seen here:
http://vintageeng.com/MagWheelsProduct.htmlRay doesn't feature his Trans-Am style wheels prominently on his site, but I'm sure he can provide you more detailed shots for those interested.
-Chad