Definitely exhaust first. It's a visual and aural 2 for 1.
Getting new wheels at this point is just throwing money away in the form of your almost new Michelin tires. I'd upgrade the rolling stock when the tires are worn out (or if you're impatient at least 50% worn!).
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Current: 2023 GRC Circuit Edition, 2012 C63 AMG P31
Past: (2) 2000 MR2 Spyder, 2017 GTI Sport, 2006 Porsche Cayman S, Supercharged 2013 BRZ-L, 2007 Honda S2000, 1992 Integra GS-R