There are a lot of pros and cons on powder coating wheels. Yes it does provide a durable protection as I've found on my '38 3W. However, once done the spokes cannot be adjusted and the coating, as mentioned, is brittle. Although I have never found chipping or cracking a problem other than when changing tyres when great care is needed.
As with a lot of jobs preparation is the key, followed by finding a good blasting/powdercoating company that knows spoked wheels - usually one that is accomplished in vintage bike and car wheels.
Since the spokes cannot be adjusted after coating, the wheels must be "tight and true".
From what I can visualise of spoked Morgan wheels there are a multitude of spokes and there isn't much space in there to blast all the old paint off and cleaning may not be 100% so advice would need to be sought.
I have found the process successful but my old 3W wheels aren't as complex as the new ones. If you do go down this path I would speak to someone who has already been there or have a word with an established wheel builder who I am sure you will find in the vintage pages of Google.
There are plenty of firms that will blast and a similar number that will powder coat but the two must be allied under the same roof and used to handling spoked wheels.
There is always something to worry about on a Morgan!
Best of luck
simon