I opted for a hands-on approach to paint and rust removal. This may be old news but one thing I discovered works incredibly well. Black and Decker makes a composite fiber disc with a loosely woven resin and fiber abrasive about 3/4 inch thick which attaches to your typical 4 1/2 inch 10,000 RPM hand grinder. It flies through paint. Rust is obviously a little slower but the metal is left shiny and not "abused" like sandpaper or a grinder would do. A little pricey at $9 each but I can do a fender both sides with one pad.
