I have some Cox chassis and wheels here with varying amounts of white corrosion products on them, and I wanted to restore them with as little damage to parts as possible, and hopefully as little cost to me as possible too. I also wanted to keep from losing fine details like sharp edges or 'texturing' or pitting their surfaces with blasting media.
The Web was its usual self... a million websites and a million points of view, all of them contradicting each other. Two mag wheel restorers who did Ferrari wheels used chemical cleaners (acids?) to keep from pitting surfaces or weakening the metal, another one said never use acids, but beadblasted them instead and put on thick coats of paint for shiny smooth wheels, and over at HAMB a 1/1 Funny Car racer used Black Magic mag wheel cleaner from Autozone on his wheels because he wanted them to be as clean and as dark colored as possible.
Then, I went to VSRN and read their thread on different acids they used and their effects on the wheels, which led me to think about putting them in my ultrasonic cleaner.
After thinking about it, I realized that 1) a quick wash in an ultrasonic cleaner with a mild liquid acid may work to remove oxidation reasonably quickly, followed by a mild base rinse (like DI water and baking soda solution) in the cleaner to neutralize the acid, and finally washing with DI water to remove the base and heat drying would get rid of the 'white ugly' on my wheels.
Sonic has a 2KW ultrasonic cleaning machine and magnesium is cleaned in it. If the part is tarnished going in it won't be miraculously shiny coming out. Degreased, degunked, dechipped and otherwise not slimy, yes, but not shiny. I suppose you could load the cleaning machine with some sand or flour and try it but you may burn the machine out...
I wasn't expecting perfectly mirror shiny, just getting rid of the oxidation with as little damage as possible so I can seal them up. Polishing them shiny is optional.
The funny thing is I live in Central Wisconsin, and there are two things within easy driving distance in summer that probably woud have made my cleaner search easy...
1) Road America is about two hours S of me (with the famous major vintage/antique sportscar races they have every year!)
2) The Iola Old Car Show and Swap Meet is reasonably near here too... a mile square packed with over a quarter of a million visitors a year from around the world all buying old car parts and tools (aka 'the worlds's biggest rummage sale'). 1/1 scale Halibrands and other mag parts are everywhere here. 
Thank you,
Ken