I certainly prefer the look of the alloy wheels. Hubcaps=cheap to my eye, always has. Of course hubcaps still look a lot better than a benz with bare steel rims.

Have you looked at your choice of brake pad? Different pads produce vastly different quantities of dust. I have used PBR (also called Axxis sometimes) pads on my cars before and been impressed with the lack of dust (but the stopping power is still very good). Other brands are out there offering low-dust formulas.
Wheels need to stay clean to look good, but a low dust pad will help.

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1971 280 SEL
1981 Volvo 242Tic | 1980 Bertone Coupe