Any paint removal technique will work. I had my cab dry sandblasted, and he used a fine grit glass media. My sandblaster also did wet blasting, but said that a flash rust prevention additive needed to be used. The water adds a little mass to the blast stream, and may increase chances of warping the sheet metal.
You might be able to sand some of the paint off and see if it's been repainted at some point in it's life.
I know that my Dad's 1951 GMC 3/4 ton shop truck was green. On Chevy trucks that default color was Forester Green, unless you ordered a different color.
It's your truck - Paint it what ever color suits you.
