If the blemishes or blooms are only in the lacquer then you can carefully cut this back with fine wet & dry (try 1200) then clear coat over the top.
This is relatively easy, but it’s time consuming.. the more time you take the better it will look, you could test a small area away from the graphics first.
Obvious tips;
Be very careful over the graphics not to ‘cut’ through.
Before you do the whole thing, cut back the lacquer somewhere not too visible and test spray the clear coat.
A spray can of a less aggressive paint like clear Acrylic should do the job.
The whole bike will need a fine cut, even the un-blemished bits so that the clear coat can get a key otherwise it could de-laminate.
**EDIT** as Hamster says, if it's corrosion in the alloy, it's a complete strip down. :cry: